David Pina is representing three Palestinian Americans in the case against a Florida county official who has invested $700 million of public money in Israel Bonds, which is mobilising funds for the war on Gaza.
David Pina is suing an elected official of Palm Beach County, which is the single-largest worldwide buyer of debt issued by Israel Bonds—a corporation that raises money globally for the Zionist government that’s been on a borrowing spree to fund its $67 billion war in Gaza since last October.
US investors have been ploughing their funds into Israel Bonds since the onset of the Gaza war, which has so far“This is trying to take away $700 million from the Israeli military. There’s no parallel to the level of danger that our plaintiffs would face if they came out with their names,” he says. The investment figure by US state and local governments is unusual as big investors typically view held-to-maturity bonds unfavourably. The absence of a secondary market means their funds remain stuck in low-yield bonds for years on end—even if better investment options emerge later on.
In fact, Florida law explicitly prohibits its municipalities from investing public money for any social or political reason. Palm Beach County held $40 million—or one percent of its portfolio of $3.8 billion at the time—in Israel Bonds at the end of September 2023. For example, the lawsuit quotes Justin Marlowe, a research professor at the University of Chicago Harris School of Public Policy and director of the university’s Center for Municipal Finance, as saying that he isn’t aware of any other jurisdiction that has 15 percent of its holdings in one type of investment.
“Our position is that each one of those was illegal. But even if the fact-finder in this trial eventually decides that perhaps the first one was purely fiscal… the second one wasn't, and the third one wasn't.” “So on every account with every date of investment he made, it was very unreasonable, and that alone violates the law.”not to use her full name for safety reasons, such unprecedented investments in Israeli debt show a “stark misuse of funds” by Palm Beach County’s comptroller.in their budget . They had to cancel different projects, like updating bridges, improving roads, building animal shelters, and building community centres.
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