Socially Responsible Investment Firm Bought Shares In Defense, Tobacco, and Gambling Businesses

Forgot to link to this article last week from the WSJ:

Pax World Management Corp., one of the best-known “socially responsible” investment firms, settled Securities and Exchange Commission charges that it violated its own rules against purchasing shares in companies involved in such businesses as defense, alcohol, tobacco and gambling.

The settlement — in which Pax agreed to pay a $500,000 fine — marks the first time the SEC has taken action against a purportedly socially responsible fund for failing to live up to its mission. The SEC said it uncovered the problems in a routine examination.

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