American Airlines Pilot Files Lawsuit Over 'Leftist' Pension Plan

Basketball superstar Michael Jordan, when he was first starting his pro career and was about to launch his signature shoe line, was asked if he thought there would be any problems because of his political affiliation.

Jordan famously quipped, “Even Republicans buy sneakers.”

For one American Airlines pilot, it matters where his future money is going to come from. The man has sued the airline over how it runs its pension plan, saying it invests employees’ retirement savings in companies that "pursue leftist political agendas."

Jordan, now a billionaire, would probably say that money is green and it doesn’t matter where it comes from. But apparently, it does.

Bryan Spence, a senior American Airlines pilot, has filed a class action lawsuit against the company. The suit was filed in U.S. District Court for the Northern District of Texas on June 2. There is no court date yet or determination as to whether it will even go to trial.

The pilot argues that the investments for the pension plan have caused him harm because American follows the investment model of environmental, social and governance responsibility. The pension plan, which serves more than 100,000 members, is said to have more than $25 billion in assets.

Spence argues that companies that invest in what is known as the ESG model are stocks that that sometimes underperform in the stock market. Specifically, he is opposed to investing in companies that consider sustainability, race, LGBTQ rights and more.

According to the lawsuit, Spence argues that this is "perhaps the most severe breach of the fiduciary standard in American history," and states that "firms whose job is to deliver investment returns are instead weaponizing retirement funds, public pensions and other investments in pursuit of nakedly ideological goals."

---

For the latest travel news, updates and deals, subscribe to the daily TravelPulse newsletter.

Topics From This Article to Explore