Wong v. NYCERS and ESG Action at the State and Local Level: A Debate on the Right

In Wayne Wong et. al. v. New York City Employees’ Retirement System et. al., four current and former New York City municipal workers have sued three New York City pension funds over the funds’ decision to divest $4 billion in fossil fuel securities.  Relying on longstanding common law principles, these Plaintiffs’ lawsuit tests the limits that existing law places on divestment actions and other forms of ESG investing. This case raises pivotal questions regarding the rights and responsibilities of pension funds, their fiduciary duties, and their capacity to act on broader societal and environmental concerns. The outcome of this lawsuit could also carry important implications for how state and local governments address ESG matters.

To what extent should pension funds consider broader ESG concerns in their investment decisions? How does this relate to their fiduciary duty to maximize returns for their beneficiaries? What role should the government play in approaching ESG matters? Join us for a lively luncheon and panel discussion where experts will discuss these questions and more.