A recent decision to place a temporary injunction on Oklahoma’s anti-EGS (environmental, social, and governance) law from being enforced has spurred Oklahoma Attorney General Gentner Drummond to fire State Treasurer Todd Russ’ attorney. Drummond also is restricting Russ from making any decisions concerning the lawsuit, which was filed by a state retiree who says the divestment from firms which have an anti-oil and gas policy is actually harming his pension.
The Legislature passed the Oklahoma Energy Discrimination Act which instructs the Treasurer’s Office to generate a list of investment firms and banks which have an anti-oil and gas stance. From there, state agencies and pensions were instructed to divest from those listed companies.
“It is extremely disappointing that the counsel hired by Treasurer Russ was unable to secure a favorable ruling in defense of Oklahoma’s anti-ESG law,” Drummond said. “Because of this failure, the law is now on hold and at risk of being struck down entirely. Oklahomans deserve better.”
However, Russ claims that he approached the AG’s Office for representation but was advised to seek independent counsel.
“When asking the Attorney General to take my case, he refused. So, I was left with no other choice but to choose who I was most comfortable representing me. My constitutional office as the State Treasurer makes me party to the lawsuit, and therefore I don’t believe my decision-making authority can be removed. Certainly, I am disappointed with the outcome but have several facts for appeal. I had hoped to have the Attorney General as my defender all along,” said Russ.
Drummond seems to remember things a little differently.
“Treasurer Russ was insistent that he be allowed to choose his own counsel to defend the lawsuit, and I acquiesced,” said Drummond. “No longer will I allow professional courtesy to influence my decisions on this matter. Effective immediately, I have terminated Treasurer Russ’s hand-picked counsel and removed the treasurer from any decision-making role in the lawsuit. My office will handle all elements of the case moving forward.”
