Description: Lawsuit challenging New York City public employee retirement systems' divestment from companies involved in fossil fuel extraction.
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Wong v. New York City Employees’ Retirement System
Case Documents:
Filing Date Type File Action Taken Summary 10/23/2023 Reply Download Reply memorandum filed in support of motion to dismiss. 09/27/2023 Opposition Download Opposition to defendants' motion to dismiss filed. 08/07/2023 Motion to Dismiss Download Memorandum of law filed in support of motion to dismiss. 05/11/2023 Complaint Download Complaint filed. Lawsuit Challenged New York City Pension Plans’ Divestment from Fossil Fuels. Four New York City employees and a nonprofit organization filed a lawsuit in New York Supreme Court against three New York City public employee retirement systems alleging that the defendants breached fiduciary duties owed to the plaintiffs and other pension plan participants and beneficiaries by divesting from companies involved in fossil fuel extraction. The complaint alleged that this divestment was “a misguided and ineffectual gesture to address climate change” and that “[t]his unlawful decision to elevate unrelated policy goals over the financial health of the Plans is flatly inconsistent with the Defendants’ fiduciary responsibilities, and jeopardizes the retirement security of Plan participants and beneficiaries.” The plaintiffs asserted breach of fiduciary duty claims under New York common law and New York insurance regulations. They sought money damages, an order requiring the defendants to make the pension plans whole for losses caused by the divestment actions, declaratory relief, injunctive relief, appointment of a monitor to assure compliance, and appointment of an independent fiduciary to make a report on what fossil fuel-related investments should be added to the plans’ portfolios.