Memorandum to followers of the Oregon southern Africa divestment suit and selected elected officials from James M. Campbell, of attorneys for students, the plaintiffs/appellants/cross-respondents. In 1977, the Oregon State Board of Higher Education resolved to divest its investments in firms doing substantial business in southern Africa. The resolution was not implemented and has been in litigation since 1978, with students defending divestment against the state's central investment council and, through a legal quirk, against the board of higher education. In December 1984, a judge of the Lane County Circuit Court ruled that fiduciaries must consider social factors in making investment...
Memorandum to followers of the Oregon southern Africa divestment suit and selected elected officials from James M. Campbell, of attorneys for students, the plaintiffs/appellants/cross-respondents. In 1977, the Oregon State Board of Higher Education resolved to divest its investments in firms doing substantial business in southern Africa. The resolution was not implemented and has been in litigation since 1978, with students defending divestment against the state's central investment council and, through a legal quirk, against the board of higher education. In December 1984, a judge of the Lane County Circuit Court ruled that fiduciaries must consider social factors in making investment decisions but that divestment violates the prudent investor standard; both sides appealed. The students proposed 32 pages of corrections to the transcript. The court reporter did not agree to all of the proposals, and the transcript was not officially settled until July 30, 1985. The Oregon Attorney General issued an opinion in June 1985 reading Oregon law to require specific authorization by the board of higher education - and perhaps also by the Attorney General - to use student fees to employ counsel to litigate against state action. The board' s staff has blocked the students' appropriation of funds for this litigation, which has impeded but not halted the efforts of plaintiffs' counsel. The Oregon ACLU requested permission to file an amicus brief, which the Court of Appeals denied without comment. The National Council of Churches (NCC), American Committee on Africa (ACOA), National Conference of Black Lawyers (NCBL), and TransAfrica submitted an amicus brief on September 25, 1985; the court has not yet decided whether to accept it. The next event is filing of the defendants/ respondents/ cross-appellants' brief by November 5, 1985; then follow reply briefs at three-week intervals. The memorandum discusses the Sullivan Principles, Nuremberg violations, international crime, student beneficiaries of the endowments, trustees, financial performance of South Africa Free (SAF) portfolios, and education endowments.
