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Climate Suit Against Directors of UK’s Largest Pension Plan Heads to Appeals Court
April 21, 2023A British appeals court will review the 2022 dismissal of a novel lawsuit accusing current and former directors of the United Kingdom’s largest private pension plan of mismanagement for, among other reasons, failing to divest from fossil fuels. In 2021, two members of the Universities Superannuation Scheme (USS), the principal pension plan provided by UK higher education institutions, sued USS and its directors on the grounds, among others, that they failed to act in the best interests of beneficiaries by not divesting the plan of fossil fuel investments, despite fossil fuels allegedly performing worst as a category among all plan assets, and the fact that results of a USS survey indicated that the majority of members favored divestment. They also assert that USS directors have no credible plan to address risks posed by climate change.
