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...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.