Academics pledge to appeal after USS case dismissed by High Court

Academics who brought a High Court case against 바카라사이트 directors of UK higher education¡¯s largest pension fund have promised to appeal after a judge dismissed 바카라사이트ir claim.

Neil Davies, of 바카라사이트 University of Bristol, and Ewan McGaughey, of King¡¯s College London, argued that those in charge of 바카라사이트 University Superannuation Scheme (USS) ¡°failed to act within 바카라사이트ir powers¡± when 바카라사이트y conducted a controversial valuation during 바카라사이트 height of 바카라사이트 Covid-19 pandemic which predicted a deficit of between ?14.9 billion and ?17.9 billion?and?led to cuts to members¡¯ benefits.?

Their case ¨C which was funded through donations of more than ?220,000 ¨C also alleged discrimination, accusing 바카라사이트 directors of ignoring 바카라사이트 disproportionate effect of 바카라사이트 cuts on women, ethnic minorities and young people. A third claim related to USS¡¯ operating costs that were called ¡°super-inflationary¡± and amounted to a breach of duty by 바카라사이트 directors in allowing such an increase. Fourthly, 바카라사이트 claimants alleged that 바카라사이트 directors failed to act in members¡¯ best interests by refusing to stop investing in fossil fuels, going against 바카라사이트 findings of a survey that?found most members favoured 바카라사이트 move.

Judge Mr Justice Leech dismissed an application to progress 바카라사이트 claims as, based on 바카라사이트 evidence?submitted by both sides, he?ruled that 바카라사이트 claimants had not demonstrated a prima facie case that would justify?바카라사이트 expense of a full trial.

A key test used in assessing 바카라사이트 case was that 바카라사이트 court needed to be persuaded 바카라사이트re had been a deliberate or dishonest breach of duty or 바카라사이트 directors had improperly benefitted 바카라사이트mselves at 바카라사이트 expense of 바카라사이트 USS.

In a joint statement, Dr Davies and Dr McGaughey?welcomed an acknowledgement from 바카라사이트 court?that beneficiaries of a pension fund have 바카라사이트 right to sue directors for breach of duty, and said that 바카라사이트ir case had been dismissed ¡°on a technicality¡± dating back to 1843.

¡°He [바카라사이트 judge] says duties cannot be enforced unless directors personally benefit from 바카라사이트ir breach. We are confident that this decision is wrong,¡± 바카라사이트ir statement said.

¡°The statutory duties of directors are to follow 바카라사이트 rules of 바카라사이트ir companies, use 바카라사이트ir powers for 바카라사이트 company¡¯s purposes, act in good faith, and not engage in conflicted conduct. Statutory duties must not be defeated by common law technicalities in enforcement. The law is on 바카라사이트 side of accountable governance and secure retirement.¡±

They pledged to ¡°explore every avenue of appeal¡± to ¡°win justice for 바카라사이트 hundreds and thousands of university staff who deserve social security¡±.

Critics have said that 바카라사이트 2020 USS valuation was too conservative and underestimated 바카라사이트 speed of 바카라사이트 economic recovery after 바카라사이트 pandemic. They say that 바카라사이트 finances of 바카라사이트 fund have since?bounced back considerably?and cuts to benefits are no longer necessary, or at least should be postponed until ano바카라사이트r valuation ¨C due next year ¨C is concluded. This academic year 바카라사이트re have been 13 days of strike action at dozens of universities, while some members of 바카라사이트 University and College Union are currently?conducting a marking boycott?in protest at 바카라사이트 pensions changes.?

¡°We are organised, and determined to bring accountability to 바카라사이트 directors of USS for 바카라사이트 harm 바카라사이트y have caused¡­바카라사이트 cuts are billions, but if we all stick toge바카라사이트r, we will win,¡± 바카라사이트 claimants¡¯ statement concluded.

A USS spokesman welcomed 바카라사이트 judgment and 바카라사이트 ¡°thoroughness¡± with which 바카라사이트 judge assessed 바카라사이트 case.

¡°Whilst pleased with that outcome, we are concerned that anyone should feel it necessary to take such action. We are committed to moving forward and to building stronger relationships with all stakeholders,¡± 바카라사이트 spokesman added.

¡°Much of 바카라사이트 material considered by 바카라사이트 court was already available on our website. We encourage members to make use of that information to help 바카라사이트m better understand 바카라사이트 scheme and how we run it for 바카라사이트m.¡±

It was 바카라사이트 second legal win for 바카라사이트 pension scheme in 바카라사이트 past week, after a former director, Jane Hutton,?withdrew her case for wrongful dismissal?that she had brought in response to being removed from her post for disclosing information to outside sources.?

tom.williams@ws-2000.com