NYC Pensions Seek to Dismiss Lawsuit Over Fossil Fuel Stakes
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New York City pension funds filed a motion to dismiss a lawsuit filed in May that alleged the plans breached their fiduciary duties by selling billions of dollars of fossil fuel assets.
The lawsuit was filed by plaintiffs including Americans for Fair Treatment - a conservative nonprofit organization - and three public sector employees. Represented by Donald Trump’s former Labor Secretary Eugene Scalia, they sued New York City Employees’ Retirement System, Teachers’ Retirement System and Board of Education Retirement System saying a decision to divest roughly $4 billion in fossil fuel investments is “a misguided and ineffectual gesture to address climate change.”