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Cushman & Wakefield Suit Over 401(k) Climate Risks Draws Doubts

Bloomberg Law News · last updated

A novel lawsuit alleging Cushman & Wakefield US Inc.’s retirement plan illegally ignored climate-related factors is drawing skepticism about 401(k) holders’ ability to show harm and prove funds underperformed.

Former employee Renee Kvek claimed in a proposed class action that the commercial real estate firm’s 401(k) plan was mismanaged because it included the Westwood Quality Small Cap Fund, which is “willfully blind to climate-related financial risks.”

Attorneys specializing in the Employee Retirement Income Security Act and environmental, social, and governance issues said though the lawsuit appears to be the first of its kind, it’s unlikely to spur a new breed …

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