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Non-Tech : WELLS FARGO
WFC 85.99-0.1%Oct 30 3:59 PM EDT
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To: Ted Gregg who wrote (1238)12/17/1999 1:18:00 PM
From: David C. Burns  Read Replies (1) of 1281
 
USWA: Citizens Funds to Dump Wells Fargo (NYSE: WFC) Oregon Steel (NYSE: OS) Financier Fails Socially Responsible Investor's Screens

PITTSBURGH, Dec. 17 /PRNewswire/ -- The United Steelworkers of America announced today that Citizens Funds, a socially responsible investment firm, will be joining the fight against Oregon Steel's main financier, Wells Fargo, because of the bank's history of unsavory business and labor practices.

The withdrawal of Citizens investments in Wells adds another facet to the Steelworkers' continually expanding boycott of Wells Fargo, which has already resulted in nearly $1.5 billion in closed accounts at Wells Fargo and a recent ATM surcharge ban in San Francisco that could cost the bank $20 million annually in lost fees.

"We are aware and have recognized the issues surrounding (Wells Fargo's) involvement in the Oregon Steel Mills matter," said John Shields, Citizens Fund President and Chief Executive Officer.

"We have been monitoring Wells Fargo and have found that they consistently and regularly fail our screens for unreasonable labor and business practices," Shields continued.

"As a result, within 90 days we will be removing Wells Fargo from our portfolio."

Citizens Funds is a family of socially and environmentally responsible funds, which believes that companies that practice responsible treatment of their workers and the environment are ultimately better managed and therefore better investments.

SOURCE United Steelworkers of America
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