New York Pension Fund Suing BP (NYSE:BP) For Losses

The New York Pension Fund is saying they are suing BP (NYSE:BP) for investment losses. They are hoping to recover some of their losses from the drop that they have experienced with their stocks. Due to BP's negligence that caused the worst oil spill in U.S. history.

When the Deepwater Rig exploded April 20th, the fund held over 19 million shares according to state Comptroller Thomas DiNopoli. DiNopoli has hired the law firm Cohen Milstein Sellers and Toll, he is the sole trustee of the $132.6 billion in the fund.

"BP mislead investors about its safety procedures and its ability to respond to events like the ongoing oil spill and we're going to hold it accountable," said DiNopoli.

One of the largest state pension funds is in Florida and holds $104 billion according to spokesman Dennis Mackee. "We're monitoring the lawsuit and all developments but we have not come to any decisions," said Mackee. The Florida pension fund covers close to 1 million active workers and retirees. They've seen a loss of almost $65 million on their BP investments.