Friday, June 11, 2010

Another BP (NYSE:BP) Class Action Lawsuit

Another shareholder class action lawsuit has been filed against BP (NYSE:BP), this time you could include the song title "We are the World," to describe how it differentiates from other recently-filed lawsuits against the oil company.

Lawyers looking everywhere for BP blood to sue, got creative and are including everyone around the world who holds shares in BP.

About 61 percent of all shareholders of BP reside outside the United States, the reason for going this route by New York's Zwerling, Schachter & Zwerling.

According to the complaint filed, "Defendants were aware that BP's operations in the Gulf were inadequate and unsafe with respect to the risks associated with those operations, particularly with respect to an oil spill and its consequences."

Among the defendants named are BP CEO Tony Hayward, Chairman of the board Carl-Henrie Svanberg, and CFO Byron Grote.

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