Lead Plaintiffs Named in BP Class Action Suits

摘要

Lead plaintiffs have been named in two consolidated class action lawsuits pitting shareholders against BP plc for investment losses related to the 20 April 2010 explosion and spill at BP's Macondo/MC252 well in the Gulf of Mexico (see OSIR, 29 April 2010 and subsequent issues). US District Court Judge Keith P. Ellison named Thomas P. DiNapoli, New York (USA) State Comptroller, and Ohio (USA) Attorney General Richard Cordray as lead plaintiffs on behalf of the New York State Common Retirement Fund, the Ohio Public Employees Retirement System, the Ohio State Teachers Retirement System, the Ohio Police & Fire Pension Fund, and the Ohio School Employees Retirement System. The five funds represent approximately US $285 billion in assets, and estimate losses of more than $200 million as a result of dropping stock prices in the aftermath of the spill. DiNapoli announced his intention to consider pursuing legal action against BP as early as June 2010 (see OSIR, 24 June 2010). At the time of the spill, New York's $132.8 billion retirement fund held nearly 19 million shares of BP stock.