Who’s ready for another episode of "As the Oklahoma legal and political ecosystem turns!”
Over the past year or so, we’ve told you about a costly, ill-conceived, solve-nothing law our pandering legislators passed that let State Treasurer Todd Russ – an unqualified oil industry lemming and political opportunist – ban and boycott certain banks and financial institutions from doing business with the state if they “discriminate” against oil companies by offering certain ESG investment products.
Because the law violates the pesky part of the state constitution that requires “public pensions be managed for the sole purpose of benefiting retirees” – and not for the sole purpose of benefiting conservative politicians looking to pander to oil industry executives, right-wing yahoos, and other Derplahomans – a lawsuit was quickly filed challenging the bill.
As a result of that lawsuit, an Oklahoma judge recently issued an injunction that prevents the law from being enforced:
A judge in Oklahoma blocked a state law that prohibits state pension systems from contracting with companies that limit investment in the oil and gas industry.
Oklahoma County District Court Judge Sheila Stinson on Tuesday issued a temporary injunction blocking enforcement of the law after finding retiree Don Keenan is likely to succeed in his lawsuit filed last year alleging the law violates the state constitution and is too vaguely written...
In her ruling, Stinson said the state constitution requires retirement funds be managed for the exclusive benefit of their beneficiaries, but the law appears aimed at countering certain political agendas and to help the oil and gas sector. Stinson also said the law contains conflicting and unclear definitions for key terms.
That’s neat. It would have been cool, though, if the judge could have blocked it sooner. You know, before it cost our state $150,000,000 dollars.