Residents of Palm Beach County are up in arms over the local government's investment in Israeli bonds, with a lawsuit filed Wednesday drawing attention to the controversial decision amid a backdrop of conflict and humanitarian crisis in Gaza. According to WPTV, a crowd of 50 to 100 residents gathered to voice their displeasure outside the county courthouse, targeting the allocation of $700 million from the county's $4.67 billion portfolio to these foreign bonds.
The County Clerk of the Circuit Court and Comptroller, Joseph Abruzzo, directed an additional $25 million to Israel bonds last October, raising concerns among residents over the risk and return of such investments, "We learned that these bonds have a really high risk of not making a return," Lydia S., a Palm Beach County resident told WPTV, emphasizing the potential loss to the community's coffers. The lawsuit comes on the heels of a unanimous decision by the Palm Beach County Board of County Commissioners, which ramped up the cap on investments from 10% to 15% of the portfolio.
Amidst this financial fray, an activist group has also signaled their intent to take legal action to force the county to disinvest, a move they announced via social media. WPBF25News shared the activist group's plans on X account, aligning their cause with that of the residents protesting these bond investments. In a vocal condemnation of the expenditure Lydia S. declared, "Our tax dollars should go to our needs and not fund the genocide."
Activist group intends to sue Palm Beach County to disinvest from Israeli bonds | Click on the image to read the full story https://t.co/bQcJsFJrEy
— WPBF 25 News (@WPBF25News) May 16, 2024
Defending the strategy, the Clerk's office offered an assurance of the county's sound financial judgement and dismisses the pending legal challenge, "Palm Beach County has a strong, diversified portfolio designed to protect taxpayers' investment, Investments are governed by the County's Investment Policy and Florida law," they said in a statement to WPTV, "While we have not seen the lawsuit yet, we expect this frivolous case will be quickly dismissed with prejudice," added Abruzzo, with the clerk's office boasting a record $172 million in investment income for taxpayers in Fiscal Year 2023.
