New Jersey has threatened to divest pension funds invested in Ben & Jerry’s and its parent company Unilever, as the state reached a preliminary conclusion that the ice-cream maker’s decision to stop sales to the West Bank and areas of eastern Jerusalem constitutes a boycott of Israel.

State law prohibits New Jersey from investing or entering in contracts with businesses or people that participate in boycotts of Israel. Earlier this month, New Jersey’s division of investment sent a letter to Unilever CEO Alan Jope to notify the conglomerate of the review and that legal action may be taken to conform with state law.

“Upon final determination, no pension fund assets may be invested in the company, and DOI shall take appropriate action to sell or divest any existing pension fund investments,” said Shoaib Khan, Director of the New Jersey division of Investment.

In the letter, New Jersey set a 90-day deadline for Unilever to sway Ben & Jerry’s to backtrack from the announcement before the state would take action to withdraw its pension fund assets. Of its $92.7 billion pension fund portfolio, the state’s holdings in Unilever currently amount to about $182 million in common stocks, corporate bonds and short-term paper, the New Jersey Department of the Treasury told The Algemeiner.... Read More: Algemeiner