NYC Court Throws Out Lawsuit Against Fossil Fuel Divestment by Pension Funds

A New York judge has dismissed a lawsuit filed by a conservative group against city pension funds for their decision to divest billions of dollars from fossil fuel investments.?

New York State Supreme Court Justice?Andrea Masley?said in an?order that the group and three public sector employees lack legal standing to bring the lawsuit.?

Additionally, the judge rules that the plaintiffs are members of a defined-benefit pension plan entitled to a fixed payment every month and, therefore, wouldn’t be harmed by the divestment decision in any case.?

?”Plaintiffs here have not, and will not, suffer any monetary losses based upon defendants’ investment decisions,” the judge ruled in her order.?

She found the retired workers’ claims about the plans’ potential inability to fulfil future obligations to be speculative.?

Additionally, she pointed out that the workers acknowledged that the city’s taxpayers are ultimately responsible for meeting pension obligations.?

New York City Comptroller Brad Lander said in a statement, “This is a big win for common-sense responsible investing, New York City’s municipal workers and retirees, and for the future of the City and the planet.”?

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