- The 5th U.S. Circuit Court of Appeals in New Orleans today revived a lawsuit in which participants in BP employee retirement savings plans alleged they were deceived into buying and holding BP stock before and after the 2010 Gulf of Mexico oil spill.
- The participants say the value of a BP stock fund where their money was invested fell by $1.85B in the months after the Deepwater Horizon rig exploded; they say BP misled them as investors, and as early as 2007 overstated the safety controls the company had in place.
- The lawsuit had been tossed in 2012, finding that plan fiduciaries enjoyed a legal presumption that they acted prudently, but the U.S. Supreme Court did away with the presumption last month in a different case.
at Zacks.com (Nov 18, 2014)