Calif. Pensions Must Divest Iran-Involved Cos.' Stock

Law360, New York (October 16, 2007, 12:00 AM EDT) -- Under a California law that Gov. Arnold Schwarzenegger signed on Sunday, the two largest pension funds in the U.S. must sell their billions in shares of major non-U.S. energy companies that operate in Iran.

The California Public Divest from Iran Act, as it is called, was introduced by Assembly member Joel Anderson (R-El Cajon) in order to halt what it said could constitute the funds' indirect support of a nation that U.S. policy considers a sponsor of terrorism. Proponents hope the law will pressure Iran into...
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