Parent company kicks Bushmaster rifle brand to the curb after Newtown

Private equity firm Cerberus Capital Management has announced that it will be selling Freedom Group, the gun manufacturer that it has owned since 2006. Freedom Group is the parent company of Bushmaster, the brand of rifle used in the Sandy Hook shootings. "The Sandy Hook tragedy was a watershed event that has raised the national debate on gun control to an unprecedented level," Cerberus said in a statement. The money from the sale will be returned to investors, which includes — at least for now — California State Teachers' Retirement System, but a CalSTRS spokesman has said that it will be reviewing whether investing in Freedom Group meets its internal "social, human and environmental" criteria. [Source]

Click to see more on msnNOW.com, updated 24 hours a day.