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HOPE of Kentucky, LLC v. Cameron
HOPE of Kentucky, LLC v. Cameron ↗
3:22-cv-00062E.D. Ky.3 entries
Filing Date
Type
Action Taken
Document
Summary
09/28/2023
Decision
Motion to dismiss granted in part and case remanded to state court for further proceedings.
The federal district court for the Eastern District of Kentucky dismissed a First Amendment claim challenging the Kentucky Attorney General ‘s investigation into six national banks’ environmental, social, governance (ESG) investment practices. The six banks were members of the United Nations’ Net-Zero Banking Alliance, and the Attorney General suspected that by devising lending and investment strategies to eliminate global carbon emissions by 2050, the banks discriminated against businesses not aligned with this goal in violation of Kentucky consumer protection statutes and antitrust law. The court found that neither a nonprofit corporation whose membership included national and local banks or a subsidiary of the nonprofit that financed multifamily housing projects had demonstrated standing for the First Amendment claim. Because the only federal claim was dismissed, the court found it could not exercise jurisdiction over the plaintiffs’ state law claims. The court therefore remanded the plaintiffs’ these claims to state court.
11/18/2022
Motion
Memorandum filed by plaintiffs in support of their motion to abstain, dismiss, and remand.
The Attorney General removed the lawsuit to federal court, where the plaintiffs filed a motion requesting that the court abstain from deciding their claims and remand back to the state court.
HOPE of Kentucky, LLC v. Cameron ↗
22 CI 00842Ky. Cir. Ct., State Courts1 entry
Filing Date
Type
Action Taken
Document
Summary
10/31/2022
Complaint
Complaint filed.
A trade association for banks in Kentucky and a company that finances affordable housing filed a lawsuit in Kentucky Circuit Court to bar the Kentucky Attorney General from continuing with his investigation of “violations related to ESG (environmental, social, governance) investment practices.” On October 19, 2022, the Attorney General issued six subpoena and civil investigation demands (CIDs) to banks. The complaint alleged that the CIDs—which included 24 Demands for Information and 20 Demands for Documents—made “excessive demands” that “plainly create unreasonable burdens upon and governmental investigations against businesses and people who might worry about, discuss, or even think about global climate change or environmental activities.” Among the alleged “excessive demands” was a demand for production of documents and communications related to any “Global Climate Initiative,” which was defined as any “group, organization, or affiliation of private and/or public entities for the purpose of utilizing the financial system to reduce or eliminate greenhouse gas emissions or otherwise pursue environmental goals,” including the Glasgow Financial Alliance for Net Zero and Net-Zero Banking Alliance. The plaintiffs claimed that the Attorney General was acting outside the scope of his authority; that the Attorney General violated rights or speech and association granted by the U.S. and Kentucky Constitutions; and that the Attorney General violated a Kentucky law enacted in 2022 that imposed restrictions on state investments in and contracting with companies that engage in “energy company boycotts.”