This Giving Tuesday, help ensure voters have the information they need to make confident, informed decisions. Donate now!
State judge dismisses lawsuit opposing ESG investments in NYC pension plans (2024)
| Environmental, social, and corporate governance |
|---|
|
| • What is ESG? • Enacted ESG legislation • Arguments for and against ESG • Opposition to ESG • Federal ESG rules • ESG legislation tracker • Economy and Society: Ballotpedia's weekly ESG newsletter |
New York State Judge Andrea Masley on July 3 dismissed a lawsuit brought against New York City public pension funds opposing the system’s divestment from fossil fuels. Judge Masley ruled the plaintiffs—including four city employees—did not have standing to sue and did not sufficiently demonstrate that the fossil fuel divestment injured them:
| “ |
New York State Judge Andrea Masley ruled the plaintiffs, including four city employees and the conservative nonprofit Americans for Fair Treatment, lacked standing to bring the case against the New York City Employees’ Retirement System, Teachers’ Retirement System of the City of New York and the Board of Education Retirement System of the City of New York. The plaintiffs had sought class-action status. Masley also ruled the accusers in Wong et al. v. NYCERS, brought in New York State Supreme Court, did not demonstrate sufficient injury. The accusers alleged the retirement security of plan participants was harmed by the plans’ divestment from securities of certain fossil fuel companies, constituting a fiduciary breach. The plaintiffs 'have not demonstrated sufficiently concrete or particularized harm,' wrote Masley.[1] |
” |
See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
| |||||||||||||||||||||||
