(Bloomberg) -- New York City’s pension funds have decided to sell itsinvestments in private prison companies, citing a record of allegedhuman rights abuses and citing the risk of the industry attracting“long-term reputational and financial harm.”

Trustees for the city’s five pensions voted in mid-May to become the firstretirement funds in the U.S. to divest such assets, totaling about$48 million worth of stock and bonds from GEO Group Inc., CoreCivicInc. and G4S Plc, Comptroller Scott Stringer said in a statementThursday.

The amount represents a tiny portion of the more than $175billion held on behalf of the city’s police officers, firefighters, civil service workers, teachers and schooladministrators.

The decision came after months of deliberation and more than ayear after the companies’ stocks tumbled, in response to an orderfrom then Deputy U.S. Attorney General Sally Yates that the FederalBureau of Prisons stop contracting with such companies.

While the shares have since more than recovered those lossesamid speculation that President Donald Trump will be a boon to theindustry, that highlighted the risks of investing in an industrythat is frequently criticized for profiting from keeping peoplebehind bars.

“Morally, the industry wants to turn back the clock on years ofprogress on criminal justice, and we can’t sit idly by and watchthat happen,” said Stringer, who serves as the funds’ custodian andinvestment adviser. “Divesting is simply the right thing to do,financially and morally.”

The comptroller cited news reports and lawsuits of allegingphysical and sexual abuse of inmates, wrongful deaths, andincreased violence due to improper staffing in privately managedprisons.

“These failings can lead to reputational, legal, and regulatoryrisks, which could seriously harm investors,” Stringer’s officesaid in a news release explaining the decision.

Stock prices in the three companies plunged in August followingthe Justice Department decision, only to more than recoverthose losses after Trump’s election. GE0, which plunged 40 percenton Aug. 18 to $13, has since climbed to $31.48. CoreCivic has risen22 percent this year to $29.82.

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