TOBACCO

Pension Fund to Sell Portion of Tobacco Holdings: A New York teachers pension fund became the nation’s largest pension fund to order the sale of its some of its tobacco company holdings. The board of the New York State Teachers’ Retirement System, which with $50 billion in assets is the nation’s fourth-largest public pension fund, voted to sell 25% of its tobacco stock--or $90 million worth. The vote by the retirement system, which represents about 285,000 current and retired teachers, came two days after the American Medical Assn. urged investors to get rid of mutual funds that hold tobacco stocks. The Tobacco Institute, which speaks for the industry, declined comment on the decision. The industry is facing several lawsuits over allegations it hid earlier knowledge that cigarette smoking was a health risk.