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Hobby Lobby Mutual Funds Invest in Manufacturers of Abortion Drugs

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Hobby Lobby, a Christian-owned craft chain, was offended by being required to offer emergency contraceptives and intrauterine devices in the health insurance plans they offer employees. The store was so upset that it sued the Obama administration and the case went to the Supreme Court. Now, this story has taken an interesting turn, according to The Huffington Post.

It was reported by Mother Jones on Tuesday that Hobby Lobby has invested millions of dollars in the manufacturing companies of emergency contraception and drugs used for abortions.

The 401(k) retirement plans at Hobby Lobby hold $73 million in mutual funds. These mutual funds invest in quite a few pharmaceutical companies that manufacture contraceptive pills, abortion-inducing medications and intrauterine devices.

The companies receiving investments from Hobby Lobby include Teva Pharmaceutical Industries and ParaGard. Teva makes the Plan B morning-after pill. ParaGard makes a copper IUD. Hobby Lobby also invests in Pfizer, the manufacturer of Cytotec and Prostin E2, which are drugs that induce abortion. The mutual funds from Hobby Lobby also invest in two health insurance companies that cover abortion drugs, surgical abortions and emergency contraception in the policies they offer.

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The attorneys for Hobby Lobby claim that the provision in the Affordable Care Act for employers to offer contraception in their health plans is an infringement on the company’s right to exercise their religious freedom. The company believes that emergency contraception and IUDs are forms of abortion.

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Posted by on April 2, 2014. Filed under Business News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

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