Citizens’ Campaign Sues Minnesota State Board of Investment for Illegal Investments in Israel Bonds

IMMEDIATE RELEASE

November 28, 2011

Media Contacts:
Beth Atim: 612-756-6613 (cell)
Sylvia Schwarz: 651-485-5269 (cell)

[Minneapolis] MN Break the Bonds Campaign (MN BBC), a statewide campaign aimed at stopping Minnesota investment in Israel’s human rights and international law violations, along with several individuals and organizations, is serving a lawsuit on the Minnesota State Board of Investment (SBI) with a demand that it divest from sovereign Israel Bonds.

The lawsuit contends that the SBI’s investment in Israel Bonds is unlawful and imprudent.  The investment violates 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 claims 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 argues 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.

MN BBC is a group of Palestinians, Jews, Christians, Muslims, students, professionals, parents, community members and allies working together to educate Minnesota communities about injustices suffered by Palestinians in order to promote justice and human rights.  MN BBC believes that the people of Minnesota have the moral obligation to make sound investments that will not aid the oppression of any one race, creed or people.

The lawsuit will be served on November 29, 2011 at the Attorney General’s office, 1400 Bremer Tower, 445 Minnesota Street, St. Paul.  Members of MN BBC will begin gathering at the base of the escalators at 9:30 am, and then proceed to the AG’s office to serve the complaint at 10:00. Reporters and media are welcome to interview members of MN BBC and some of the co-plaintiffs following service of the complaint. Copies of the lawsuit will be available to the press. For more information, see the article at Mondoweiss.net, http://bit.ly/veexzS