Students at five leading universities have filed legal complaints accusing their colleges of breaking a little-known law by investing in the fossil fuel companies responsible for the climate emergency.
The students from Yale, MIT, Princeton, Stanford and Vanderbilt wrote to the attorneys general of their respective states on Wednesday asking authorities to investigate breaches of the Uniform Prudent Management of Institutional Funds Act, which requires universities to invest in a manner consistent with their “charitable purposes.”
In addition, the complaints say that investments in coal, oil and gas are not financially responsible, as required by the law, because the industries have an uncertain future. In their letter to Tennessee’s attorney general, Herbert Slatery, students, faculty and alumni at Vanderbilt University accused the college’s board of trustees of breaching its duties with investments from its $10bn endowment.
Hannah Reynolds, an anthropology student and co-coordinator of Divest Princeton, said the group filed the complaint after her university failed to act on earlier proposals to shed investments in fossil fuel companies.
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