This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
STERIS's former subsidiary Isomedix operated a sterilization facility in Waukegan, Illinois from 2005 to 2008 that emitted ethylene oxide (EtO), a known human carcinogen. The facility had been emitting EtO since 1994 under prior operator Cosmed. Approximately 275 residents filed lawsuits in Cook County Circuit Court alleging EtO exposure from the facility caused breast cancer, leukemia, and lymphoid cancer. The EPA classifies EtO as carcinogenic to humans, with research finding cancer rates up to nine times the national average near sterilization facilities. STERIS settled for $48.15 million in March 2025. The first case to reach trial (Pamela Knobbe, breast cancer) ended in mistrial in January 2025.
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.