Coors apologized in a press conference the next day for his "unfortunate choice of words and lack of sensitivity," and said he hoped his commitment to minority groups spoke louder than his words. He stated that his words were taken out of context by the "Rocky Mountain News", which he later sued for libel. A number of people who attended the speech reported that the remarks were not considered offensive. An informal boycott of Coors was announced by the NAACP during a March 2 meeting in Los Angeles. At the time, the AFL-CIO had been boycotting the company for seven years over a labor dispute. At least 500 liquor stores in Southern California joined the NAACP boycott, which was suspended five days later when they reached an agreement with the company. In September, the Adolph Coors Company signed an agreement with Operation PUSH and the NAACP to invest $325 million into black communities over five years, to deposit millions of operating capital in black-owned banks, and to spend $8.8 million on advertising in black-owned media. In October, the company negotiated a similar agreement with American GI Forum and La Raza for $300 million. This was the first ever such arrangement between La Raza and any corporation.