UK pension fund USS wins appeal over fossil fuel investments

Britain's biggest private pension scheme on Friday won a ruling blocking a landmark lawsuit over its alleged failure to devise a credible plan to divest from fossil fuels in a London court. The 82 billion-pound ($103 billion) Universities Superannuation Scheme (USS) faced legal action from two of its members over its continuing investments in coal, natural gas and petroleum.

Britain's biggest private pension scheme on Friday won a ruling blocking a landmark lawsuit over its alleged failure to devise a credible plan to divest from fossil fuels in a London court.

The 82 billion-pound ($103 billion) Universities Superannuation Scheme (USS) faced legal action from two of its members over its continuing investments in coal, natural gas and petroleum. The lawsuit was blocked last year by London's High Court and the two academics behind the claim tried to revive the case at the Court of Appeal, which dismissed their appeal on Friday.

Judge Sarah Asplin said in a written ruling that the parts of the lawsuit relating to USS investments in fossil fuels were an attempt to challenge the scheme's management and investment decisions which was "bound to fail". The attempt to bring the case on behalf of USS against its directors, which has also been attempted by environmental law charity ClientEarth against Shell, will be keenly watched by other pension funds and environmental groups.

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