The pension fund for New York City schoolteachers has sold its stock in companies that make guns and ammunition.
City Comptroller John Liu said Friday that the move came after a thorough review of the fund's exposure to such investments.
Teachers union head Michael Mulgrew said selling the stock was "the right thing to do" after the school shootings in Newtown, Conn. Similar reviews of gun-industry holdings are under way at pension funds across the country since the massacre.
Liu says the $46.6 billion New York City Teachers' Retirement System is the largest pension fund to sell its gun industry holdings so far.
The fund had a total of $13.5 million invested in five gun makers. Those included Smith & Wesson Holding Corp. and Sturm, Ruger & Co.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.