NY freezes pension investments in gun makers - NEWS10 ABC: Albany, New York News, Weather, Sports

NY freezes pension investments in gun makers

Posted:

ALBANY, N.Y. (AP) - New York state Comptroller Thomas DiNapoli is freezing investment by the public workers' pension fund in firearms companies following recent shooting tragedies.
    
DiNapoli says he has directed that the massive pension fund not buy any new stock in firearms manufacturers following the massacre at Sandy Hook Elementary School in Newtown, Conn.
    
The Democrat says the tragedy makes it clear that firearms makers face legal hurdles and damage to their reputations that could hurt the state's investment. New York passed tough new gun control laws Tuesday.
    
The pension fund has about $2 million invested in Sturm, Ruger and Company. An outside manager sold the pension fund's share of Smith and Wesson in December.
    
DiNapoli says the freeze will be in place indefinitely.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Powered by WorldNow
     
NEWS10 ABC
341 Northern Boulevard
Albany, NY 12204
+(518) 436-4822
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WTEN. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.