Cushman & Wakefield US Inc. was hit with a novel lawsuit claiming the commercial real estate firm’s 401(k) plan is mismanaged because it offers an underperforming fund that’s overly exposed to risks related to climate change.
The proposed class action centers on the Westwood Quality Small Cap Fund, which the plaintiff describes as “willfully blind to climate-related financial risks.” The fund had significant exposure to “sectors disproportionately vulnerable to physical and transition climate risks,” and it invested heavily in companies with business models carrying elevated climate-related risks, plaintiff Renee Kvek said in a complaint filed Tuesday in the US District ...