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DrugScreening.org


 
Calif. Teachers Divest Tobacco Stocks
June 8, 2000

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News Summary

Poor performance and concerns over the health effects of smoking led the California State Teachers Retirement System to divest most of its tobacco stocks, Reuters reported June 7.

The decision, which affects $237 million in holdings, was announced by state Treasurer Phil Angelides, who earlier this year halted further investments in tobacco stocks over concerns about ongoing litigation against the industry. Angelides said the divestment from the retirement fund "was the right thing to do from a financial standpoint and also the right thing to do given the ill effects of tobacco on California."

Tobacco stocks lost an estimated $200 million in value last year.

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