Lawsuit Alleges CPP Mismanaging Climate Risk
A lawsuit has been filed against Canada's largest pension fund, CPP Investments, by four young Canadians. They claim that the pension giant is failing to properly manage climate-related financial risk, which could imperil the plan's ability to pay benefits to future retirees.
The plaintiffs, represented by Ecojustice and Goldblatt Partners LLP, are suing CPP Investments in the Ontario Superior Court of Justice. They argue that the pension giant is
breaching its legal duties by subjecting pension contributions to undue risk of loss from poorly managed climate risk.
- The lawsuit claims that CPP Investments' climate modelling
drastically underestimates the financial risks of climate change
to the CPP.
Author's summary: Young Canadians sue CPP Investments over climate risk management.