State Pensions Fought Guns and Tobacco. Why Aren’t They Divesting From Opioids?
- Outcry has been muted compared to gun and tobacco holdings
- Endo’s stock fell sharply after Purdue bankruptcy reports
Photographer: John Moore/Getty Images
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State pension funds have historically taken stands against controversial industries, like firearms and tobacco, sometimes divesting their investments to push companies to act.
But in the opioid crisis, which has generated hundreds of lawsuits seeking to hold manufacturers and distributors accountable, the funds have mostly stayed on the sideline so far. Some of the biggest ones, including New York and California pension funds, hold investments in Endo International, the largest maker of branded opioids after privately held Purdue Pharma LP. Even in West Virginia, which has been racked by opioid-related deaths, the state pension fund has a $1.8 million equity stake in Endo.