Legal action initiated against three New York City pension funds
June 29, 2023
Legal action has been initiated against three New York City pension funds because of their fossil fuel divestment policies.
The plaintiffs are plan members who participate in the three pension funds. The plaintiffs claim that the funds’ breached their fiduciary duty as the divestment from fossil fuels was not done to maximize investment returns but rather for political reasons.
The complaint states that as the result of decisions in early 2021, approximately $4 billion from the funds was divested from holdings in companies involved in the extraction of fossil fuels, and that this was done due to the climate change initiatives of former mayor, Bill de Blasio.
This case is ongoing. See the full complaint by clicking on more information below:
