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"Ethical Funds" Divesting of BP:

Nordic bank Nordea halts new investments in BP

STOCKHOLM
The Associated Press June 7, 2010, 8:58AM ET

The Nordic region's largest bank Nordea AB says it has suspended investments in BP PLC because of the company's handling of the oil spill in the Gulf of Mexico.

Nordea says none of its funds will buy new shares in the oil giant and that 20 funds in the responsible investment category will sell their current BP holdings.

The bank described the catastrophe in the Mexican Gulf as "extraordinary" because of "the size of the spill (and) weak response from BP," as well as a criminal investigation of the company and the possible risk of other accidents.

It said Monday that BP has not been transparent enough and has failed to comply with its own safety and environmental rules.


http://www.businessweek.com/ap/financialnews/D9G6EPPG0.htm