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Bill approved for website with Legacy Fund investments

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Bill approved for website with Legacy Fund investments


JAMESTOWN, N.D. — A bill has been approved that would require the State Investment Board to maintain a publicly accessible website containing information regarding all Legacy Fund investments.

The Senate approved House Bill 1319 without any amendments on Wednesday, April 2.

The bill — sponsored by Reps. Mitch Ostlie and Bernie Satrom and Sen. Cole Conley, all R-Jamestown — will require the website to list all companies, funds and other financial mechanisms in which the Legacy Fund is invested in accordance with state and federal laws.

“This is a step forward, but I suspect that we’re going to be back at it again next session just to make sure that we’re on the right course,” Satrom said. “This is too important. Our future, our economic future and the future of our state is, I think, riding on how this is handled.”

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Bernie Satrom

Contributed / Urban Toad Media

The fiscal impact of building the new website and hiring an additional full-time employee would be $476,000 for the 2025-27 biennium. For the 2027-29 biennium, the fiscal impact would be over $55,000.

In 2010, North Dakota voters approved a measure that created the Legacy Fund, which is a perpetual source of state revenue from the finite national resources of oil and natural gas, according to the Office of State Treasurer’s website. Thirty percent of the taxes on petroleum produced and extracted in North Dakota are transferred to the Legacy Fund monthly, according to the North Dakota Retirement and Investment Office’s website.

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The Legacy Fund has over $12 billion as of Jan. 31. It has earned over $600 million for the 2023-25 biennium.

The State Investment Board has statutory responsibility for the administration of the investment programs of several funds including the Legacy Fund, according to the Retirement and Investment Office’s website.

Satrom previously said the Legacy Fund is or has been invested in over 60 foreign countries, including Argentina, China, Columbia, Kazakhstan, Kenya, Mexico, Togo and Turkey. He said the Legacy Fund was also invested in Russian government bonds before it invaded Ukraine. He said those investments were divested after Ukraine was invaded.

Satrom said Thursday, April 3, that the bill doesn’t give the full disclosure of all Legacy Fund investments.

“One of the additional components that I had asked for in the meeting was to have it so that we disclose how much was being invested in North Dakota as a percentage,” he said. “Also, we wanted to get more disclosure as far as what was in these funds, of these intermingled funds that, you know, where they’re not telling us what’s in the investment. We got all these commingled funds, and we have no idea what’s in them.”

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He said there is $3.1 billion invested from the Legacy Fund where the underlying investments are hidden from public view.

“This is not really going to help that problem,” he said, referring to the bill.

Satrom said the bill’s approval is the first step to more transparency of Legacy Fund investments.

“We’re not there yet,” he said. “We need to start rethinking how we invest as a state and start making North Dakota investments a priority. One of the investment officials recently said that this is for our great-grandchildren for 100 years from now … Basically, I don’t think we can wait for 100 years to diversify our economy. We need to diversify now so that in 10 or 20 or 30 years from now, if our energy is not wanted, that we’ve diversified our economy and it won’t matter.”

Jodi Smith, interim executive director of the Retirement and Investment Office, previously said what can be disclosed is where the Legacy Fund is invested, the country of origin and how much each fund manager has. She said disclosing the information about the $3.1 billion that Satrom says are underlying investments hidden from public view would lose some investors.

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She also said the website would cut down on the open records requests regarding the Legacy Fund. She said the Retirement and Investment Office is only receiving open records requests for the Legacy Fund.

Masaki Ova

Masaki Ova joined The Jamestown Sun in August 2021 as a reporter. He grew up on a farm near Pingree, N.D. He majored in communications at the University of Jamestown, N.D.





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Greenpeace seeks new trial in $345M Dakota Access Pipeline lawsuit

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Greenpeace seeks new trial in 5M Dakota Access Pipeline lawsuit


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  • Greenpeace is asking for a new trial after a judge entered a $345 million judgment in a lawsuit brought by the developer of the Dakota Access Pipeline.
  • A jury found the environmental group at fault for inciting illegal acts against Energy Transfer during protests in North Dakota in 2016 and 2017.
  • Greenpeace claims there were errors in the jury instructions and verdict form, and that Energy Transfer presented unfair and irrelevant evidence, among other things.

Greenpeace has asked for a second trial after a judge entered a $345 million judgment against the organization in a landmark case brought by the developer of the Dakota Access Pipeline.

The case “threatens to result in one of the largest miscarriages of justice in North Dakota’s history,” attorneys for the environmental group wrote in a brief filed last week.

After a three-week trial roughly a year ago, a Morton County jury directed Greenpeace to pay Energy Transfer about $667 million, finding the environmental group at fault for inciting illegal acts against the company during anti-pipeline protests in North Dakota in 2016 and 2017 and for publishing false statements that harmed Energy Transfer’s reputation. 

Greenpeace denies Energy Transfer’s claims and maintains that it brought the lawsuit to hurt the environmental movement.

Southwest Judicial District Judge James Gion in October slashed the jury’s award to $345 million, though he didn’t finalize the award until late February.

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Greenpeace is now taking steps to fight the judgment, which includes its motion for a new trial.

The environmental group’s reasons for the request include claims that the jury instructions and verdict form contained errors, and that Energy Transfer was allowed to present unfair and  irrelevant evidence to jurors. The group also alleges the jury pool was biased.

Greenpeace says the jury’s award assumes that Greenpeace was entirely responsible for any injury Energy Transfer sustained related to the protests. Jurors were not given the opportunity to consider whether Greenpeace was only at fault for a portion of the damages, the organization wrote in its brief.

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Attorneys for Greenpeace also referenced the mailers and other media circulated to Mandan and Bismarck residents before the trial that contained anti-Dakota Access Pipeline protest and pro-energy industry content. 

The environmental group seeks a new trial in Cass County, arguing in part that the jury pool in the Fargo area would be more fair because its residents did not directly experience the Dakota Access Pipeline protests and because the local economy is less dependent on the energy industry.

If Greenpeace’s request for a new trial is denied, it plans to appeal the case to the North Dakota Supreme Court, the organization has said.

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Greenpeace previously asked for the trial to be moved from Morton County to Cass County in early 2025, which Gion and the North Dakota Supreme Court denied. 

The lawsuit is against three separate Greenpeace organizations — Greenpeace USA, Greenpeace International and Greenpeace Fund.

Energy Transfer as of Wednesday morning had not submitted a response to Greenpeace’s motion for a new trial. Previously, the company has defended the jury’s verdict and disputed Greenpeace’s claims that the court proceedings were not fair.

Energy Transfer has indicated it may appeal Gion’s decision to reduce the award to $345 million.

Greenpeace will not have to pay any of the $345 million judgment for at least a couple of months, Gion ruled Tuesday.

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Court documents indicate that the organization could have to pay a bond of up to $25 million while appeals proceed, though the environmental group has asked the judge to waive or reduce this amount. Gion has not decided on this motion.

He noted that obtaining such a large bond will be challenging.

“The magnitude of this matter defies simple decisions,” Gion wrote.

Energy Transfer in court filings urged the judge to require Greenpeace to post the full $25 million.

Any bond money Greenpeace provides would be held by a third party while the appeals proceed, according to Greenpeace USA.

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Greenpeace International has filed a separate lawsuit in the Netherlands that accuses Energy Transfer of weaponizing the U.S. legal system against the environmental group. Energy Transfer asked Gion to order that the overseas suit be paused while the North Dakota case is still active, which Gion denied. The company appealed his ruling to the North Dakota Supreme Court, which has yet to make a decision on the matter.

North Dakota Monitor is part of States Newsroom, the nation’s largest state-focused nonprofit news organization.



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Caution urged for drivers in North Dakota due to drifting snow

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Caution urged for drivers in North Dakota due to drifting snow


BISMARCK, ND (KXNET) — Drivers in parts North Dakota are being urged to use caution as drifting snow continues to impact road conditions.

According to the National Weather Service, strong northwest winds are creating areas of blowing and drifting snow.

That snow is sticking to previously plowed roadways, leading to slick and potentially hazardous travel conditions.

The advisory includes Burleigh County, Emmons County, Kidder County, Logan County, and McIntosh County.

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US scientists sequence 1,000 genomes from measles, a disease long eliminated with vaccines

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US scientists sequence 1,000 genomes from measles, a disease long eliminated with vaccines


This week, the Centers for Disease Control and Prevention posted online its first large tranche of advanced genetic data from measles viruses spreading last year. Scientists with knowledge of the operation expect the agency to post heaps more in weeks to come, revealing whether the U.S. has lost its hard-won measles elimination status. The CDC […]



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