Wednesday, July 21, 2010

BP (NYSE:BP): State Pension Funds Ask for Lead-Plaintiff Status in Class-Action Lawsuit

Government fund of Ohio and New York are seeking to be named lead plaintiffs by a Louisiana court in a class-action lawsuit against BP (NYSE:BP).

Court papers filed by Ohio Attorney General Richard A. Cordray and New York Comptroller Thomas P. DiNapoli show the two pension funds combined lost $229.4 million by investing in BP and the resultant fallout from the Gulf oil spill.

The complaint states BP and its directors and officers are responsible for the pension fund losses, and should pay for it.

According to the filing, BP "made false and misleading statements regarding BP’s safety protocols, operations, and safety record, as well as its ability to respond to a major oil spill.”

So far over 300 lawsuits have been filed against BP in relation to the Gulf oil spill.

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