Geo Group Falls as Florida Prison Privatization Is Blocked
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Geo Group Inc., the Florida-based private prison operator, fell as much as 5 percent after a judge blocked the state’s plan to pursue privatization at as many as 29 prisons in 18 counties.
The legislature’s move to bury key details on privatization in the state budget is unconstitutional, Leon County Circuit Court Judge Jackie Fulford in Tallahassee ruled. The 2012 budget provision changes the legal process for privatizing facilities and directs the Department of Corrections to replace state employees with private ones at certain prisons.