The National Foreign Trade Council's lawsuit against the state of Illinois, challenging the constitutionality of a state law requiring public pension funds to divest all companies connected with Sudan, is scheduled for oral arguments in U.S. District Court in Chicago on Jan. 3. The NFTC has filed a motion asking for a preliminary injunction halting the enforcement of the law until the case is adjudicated, said J. Daniel O'Flaherty, vice president.
Judge Matthew F. Kennelly expects to rule on the injunction and the overall case before Jan. 27, the date Illinois' public pension funds have to begin compliance by having divested 60% of Sudan investments, Mr. O'Flaherty said.
Winston & Strawn is representing the NFTC. The suit was filed by the NFTC and a number of municipal police and fire pension funds last August. Defendants are the attorney general, state treasurer and secretary of the Illinois Department of Financial and Professional Regulation. The AG's office is handling the defense/
The law requires state public funds to completely divest Sudan-related holdings by July 27.
