October 21, 2025
New York, NY – New York City Comptroller Brad Lander released the following statement celebrating the New York Court of Appeals’ denial of a motion for leave to appeal in Wong et al v. NYCERS, a lawsuit that challenged the decision by three of New York City’s public pension funds (the Teachers’ Retirement System of the City of New York, New York City Employees’ Retirement System, and New York City Board of Education Retirement System) to divest from publicly traded fossil fuel reserve owners.
“Today’s ruling by New York’s highest court is a clear and decisive victory. Climate change is a clear financial risk that must be managed responsibly. Despite this reality, anti-ESG forces continue to wage misguided attacks, in the courtroom and beyond, that seek to weaken and thwart sound risk mitigation strategies altogether. Our first and foremost priority is to safeguard the retirement security of the municipal workers and retirees who have often spent decades keeping New York City running. We remain committed to our fiduciary duty by executing a responsible investment strategy that is focused on long-term value.”
The three Systems voted to divest from publicly traded fossil fuel reserve owners in 2021, following an extensive fiduciary review process that assessed portfolio exposure to fossil fuel stranded asset risk, industry decline, and other financial risks stemming from climate change. Divestment was completed under Lander’s leadership in 2022, and the funds subsequently adopted net zero implementation plans, which provide a path for decarbonization across their investment portfolios and the global economy.
Prior to today’s ruling on the appeal, the New York County Supreme Court had dismissed the Wong lawsuit for lack of standing, finding that the plaintiffs (less than a handful of plan members) had no injury, that their theories of possible harm were speculative, and that courts should not intervene in the discretionary investment decisions of politically accountable trustees. The First Department Appellate Division affirmed the New York County Supreme Court’s dismissal. Today, the New York Court of Appeals denied plaintiffs’ motion for leave to appeal.
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