Hobby Lobby Invested Employee Retirement Fund in Companies that Produced Contraceptives while Suing to Avoid Paying for Employees to Use them
Hobby Lobby, which successfully fought the federal healthcare law’s mandate for birth control coverage, has invested millions of dollars in companies that produce the very same products it so vehemently objects to.
While the U.S. Supreme Court was deciding its ruling in Burwell v. Hobby Lobby (pdf), Mother Jones reported in April that the chain of craft stores had sunk more than $73 million from its employee retirement plan into drug companies that produced emergency contraception pills—the same kind of birth control it refused to provide to its workers under Obamacare.
The investments were in effect as of December 2012, which was three months after Hobby Lobby sued the federal government.
Through mutual funds it held, the company financially supported the likes of Teva Pharmaceutical Industries, which produces Plan B and ParaGard, a copper IUD, and Actavis, which makes a generic version of Plan B and distributes Ella, another form of emergency contraception.
Furthermore, Hobby Lobby’s stock portfolio included mutual funds involving Pfizer, the manufacturer of Cytotec and Prostin E2, which are used to induce abortions; Bayer, which makes the hormonal IUDs Skyla and Mirena; AstraZeneca, which has an Indian subsidiary that manufactures Prostodin, Cerviprime, and Partocin, three drugs commonly used in abortions; and Forest Laboratories, which makes Cervidil, a drug used to induce abortions, according to Molly Redden of Mother Jones.
Anti-abortion concerns were at the heart of the company’s legal fight with the Obama administration, claiming Plan B, Ella, and IUDs amounted to forms of abortion because they prevent a fertilized egg from joining with a woman’s uterus.
To Learn More:
‘Hypocrisy at Its Finest’: CNN Calls Out Hobby Lobby for Investing in Birth Control (by Dave Edwards, Raw Story)
Hobby Lobby's Hypocrisy: The Company's Retirement Plan Invests in Contraception Manufacturers (by Molly Redden, Mother Jones)
Hobby Lobby Ruling Puts Rights of Employers above Rights of Employees (by Noel Brinkerhoff, AllGov)
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