Ohio Pension Plan Among Plaintiffs in Investment Fraud Case Against BP
British Petroleum must face the investment fraud charges brought by investors
against the company after the April 2010 Deepwater Horizon Gulf oil spill,
according to a ruling by a federal judge last month. Investors say that BP made
misrepresentations both before and after the spill about its spill response capabilities
and its capacity to deal with a problem of this magnitude.
The investors are led by the New York and Ohio pension plans that held shares of BP. The plaintiffs allege that BP made public statements about commitment to safety while ignoring internal complaints, cutting staff, and reducing budget resources.
The February, 2012, ruling will allow certain claims to go forward, but it does not issue an opinion about whether plaintiffs will be able to recover securities fraud damages against BP.
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