WRITTEN BY WSJ EDITORIAL BOARD ON MAY 25, 2023. POSTED IN LATEST NEWS
A Lawsuit To Protect Pensions From Climate Socialism
flushing moneyNew York City leaders have boasted about using worker retirement savings to advance their climate agenda. They may come to regret it after several city workers this month sued their pension funds for putting climate over financial returns.
This could be a significant test of politicized investment by public pensions. New York law and regulation impose strict fiduciary duties on trustees of such funds. [emphasis, links added]
Plans are required to invest “for the exclusive benefit of the participants and beneficiaries” and with “care, skill, prudence, and diligence.”
State courts have ruled that trustees owe a “duty of undivided and undiluted loyalty” to retirees and workers.
https://climatechangedispatch.com/a-lawsuit-to-protect-pensions-from-climate-socialism/
