Consideration of environmental, social and governance (ESG) criteria in the investment process has become another battlefield in our sharply divided political landscape. In recent years, many states have proposed or enacted anti-ESG laws or regulations that seek to curtail or penalize the use of ESG criteria by state retirement plans or other entities. In June 2023, Missouri’s Secretary of State and Securities Commissioner adopted new regulations requiring investment advisers and broker-dealers to disclose to clients – and obtain express prior written consent to – their consideration of social or nonfinancial criteria in the investment process. In August 2023, the Securities Industry and Financial Markets Association (SIFMA) filed an action in the U.S. District Court for the Western District of Missouri (Court) to invalidate those rules and permanently enjoin their enforcement. On August 14, 2024, the Court granted SIFMA’s motion for summary judgment in its entirety. The Missouri defendants subsequently abandoned their appeal and agreed to pay SIFMA $500,000 for its attorney’s fees, which the Court accepted in its order of final judgment on October 17, 2024. This article discusses the background of the litigation and the Court’s decision, with commentary from Robert A. Skinner, partner at Ropes & Gray. See “Key Developments & Considerations in ESG Regulations for Asset Managers Navigating Global Compliance Duties” (May 23, 2024).