(AP) — The Chicago Teachers’ Pension Fund board has voted to liquidate its investments in gun manufacturers.
The fund’s $9.5 billion portfolio includes about $146,000 invested in Sturm Ruger & Co. and Smith & Wesson Holding Corp.
Board members approved a resolution Thursday that says they are sensitive to “significant reputational, regulatory, and statutory risks” that may diminish shareholder value in companies that produce assault weapons. They say they are obligated to minimize the risk of investment losses.
The decision comes in the wake of last year’s school shooting in Connecticut and as Democrats – including President Barack Obama and Chicago Mayor Rahm Emanuel – push for stronger gun control measures.