AG Beshear Urges Divestment From Funds Fueling Opioid Crisis

Posted at 1:32 PM, Jun 19, 2018
and last updated 2018-06-19 13:32:08-04

FRANKFORT, Ky. (LEX 18) — Kentucky’s attorney general is urging state officials to divest from companies that have made money off opioids.

Andy Beshear on Tuesday sent letters to the Kentucky Retirement System and Kentucky Teachers’ Retirement System asking the agencies to quit investing in six companies that produce or distribute opioids.

Beshear has sued AmerisourceBergen, Cardinal Health, Endo Pharmaceuticals, Johnson and Johnson, McKesson Corp. and Walgreens for their roles in the opioid abuse epidemic. KRS alone has about $38 million invested in the companies, according to Beshear.

“As Kentucky families were being devastated by addiction, these companies were making billions in profits,” Beshear said in a statement. “By depriving these companies of our state funds Kentucky is sending a loud and clear message that our families come before opioid drug profits.”

Beshear urged KRS and KTRS executives to review the investments and divest funding in the companies.