NYC pension fund to back out of investments in private prisons

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New York City’s pension system has become the first in the nation to fully divest from private prisons, Controller Scott Stringer will announce Thursday.

The city has sold off about $48 million in stocks and bonds of three private prison companies, according to the controller’s office, after a unanimous vote from the funds’ trustees.

The move comes after a scathing federal audit of private prison facilities last year, and after eight immigrant detainees have died in the last fiscal year while in private immigration detention centers — which house 65% of Immigration and Customs Enforcement detainees, according to Stringer’s office.

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