Harvard Students Move Fossil Fuel Stock Fight To Court

mdsolar writes A group of Harvard students, frustrated by the university's refusal to shed fossil fuel stocks from its investment portfolios, is looking beyond protests and resolutions to a new form of pressure: the courts. The seven law students and undergraduates filed a lawsuit on Wednesday in Suffolk County Superior Court in Massachusetts against the president and fellows of Harvard College, among others, for what they call "mismanagement of charitable funds." The 11-page complaint, with 167 pages of supporting exhibits, asks the court to compel divestment on behalf of the students and "future generations."

Comments

Standing

[phantomfive]

This quote from the end of the article says it all:

"Lee Goldstein, a clinical instructor in the Harvard Law School legal aid bureau, said that the issue of whether the students were legally qualified to sue, known as standing, could be fatal to the students’ suit, as it was to the earlier suit brought by Mr. Bonifaz and others."

"could be" is a way of putting it politely.

Re:Standing

[Oligonicella]

They're hypocrites. If they don't like the policies the college has concerning investment, why are *they* investing in the college instead of finding another? They want to force the college to divest but they don't have the gonads to divest themselves.

The only thing worse than a lawyer

[thegarbz]

The only thing worse than a lawyer is a law student, they think they can use the courts for anything.

In a just world, they'd expel every one of them.

[HBI]

And they'd be justified.

Sell everything

[Anonymous Coward]

There isn't a company on earth that's not both (i) dependent on fossil fuels and (ii) encouraging their use, either directly or indirectly.

Can other students sue this group?

[schneidafunk]

What happens if the investments in fossil fuel companies turn out the be the most profitable and the school loses money?

As Harvard's president said "the endowment is a resource, not an instrument to impel social or political change"

Re:Can other students sue this group?

[LordLimecat]

Imagine, as a thought experiment, if 90% of the people who owned Exxon stock sold it all. And no one else bought it because of principle

Er, if 90% sell it, someone has to buy it.

Re:Yeah, man

[HBI]

"Due process" has nothing to do with filing frivolous lawsuits without standing. That's just harassment. They didnt' like something so they are whining. They don't get to waste the college's endowment that way.

Turn off the electricity to the dorms

[sasquatch989]

Every night from 9pm-5am turn off the electricty. Better yet, random rolling blackouts. Let them know what it's like to live somewhere where energy has to be rationed. Kids take it for granted

Re:Turn off the electricity to the dorms

[Chas]

Okay, fossil fuel power makes up the bulk of the generation capacity in the US.

Nuclear power accounts for just under 20% of total power generation in the country.
Fossil fuel power accounts for just over 65% of total power generation in the country.

Renewables?

TOTAL renewable energy in this country comes out at about 13% of total generation capacity.

Hydro being about 66% of that 13% (or 8.58% of total capacity).
Solar? 3% of that 13% (or .0039% of total capacity).

I don't think the country is ready to have two thirds slashed out of its power budget.

Re:In a just world, they'd expel every one of them

[MouseTheLuckyDog]

No. The appropriate reaction is to toss the suit for lack of merit and standing. Then assign the court cost and the legal costs of the University to the students/plaintiffs.

THat also has the added advantage of teaching the students about money.