3 NYC Pension Funds Sued by Workers for Divesting from Fossil Fuels

Three New York City pension funds--the New York City Employees’ Retirement System, the Teachers’ Retirement System, and the Board of Education Retirement System--were sued this week by municipal employees for breaching their fiduciary duty and divesting from fossil energy companies. The plaintiffs allege the divestments have resulted in the loss of billions of dollars that otherwise would have gone to retirees. The pension funds went woke and decided they could no longer support companies that (in their wrong opinion) are creating catastrophic, man-made global warming.

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