JUDGE DISMISSES LAWSUIT AGAINST STATE FOR ILLEGALLY INVESTING IN ISRAEL BONDS
[St. Paul] MN Break the Bonds Campaign (MN BBC) is a statewide campaign aimed at stopping Minnesota investment in Israel’s human rights and international law violations. In November of last year MN BBC filed a lawsuit against the Minnesota State Board of Investment (SBI) which was dismissed yesterday by a Ramsey County District Court Judge.
The lawsuit contended that the SBI’s investments in Israel Bonds are unlawful and imprudent. The investments violate Minnesota statutes that control the types of foreign investments the SBI is permitted to make. Foreign government bonds, including Israel Bonds, are not included in the SBI’s statutory list of authorized investments. Canadian Bonds are the only exception.
The lawsuit further claimed that the SBI’s investment in Israel Bonds is unlawful because the SBI is knowingly aiding and abetting Israel’s internationally recognized violation of Article 49 of the Fourth Geneva Convention by financing Israel’s illegal settlement activities, which involve the prohibited transfer of Israel’s civilian population into the occupied Palestinian territories. International law affirms the culpability of those who financially aid and abet this type of international law violation.
Finally, the lawsuit argued that the SBI is in breach of its fiduciary obligations by exposing Minnesota taxpayers to liability to any victims of Israel’s human rights abuses and international law violations due to its material support of Israel’s unlawful activities.
On April 8, 2012 Judge Marrinan issued a ruling dismissing the lawsuit on all counts. Judge’s Marrinan’s order was nearly identical to the proposed order that SBI’s lawyers drafted at her request. MN BBC is disappointed in the lack of independent analysis of its careful and detailed legal arguments. MN BBC disagrees with this ruling and plans to file an appeal.
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