A trial has been set for August 25, 2014, regarding accusations that BP committed fraud by misleading shareholders before and after the 2010 Gulf of Mexico oil spill about its ability to respond to the accident. The jury trial was scheduled by U.S. District Judge Keith Ellison in Houston. Shareholders led by the New York State Common Retirement Fund and four Ohio pension funds claimed that they lost up to 40 percent of their investments within six weeks of the April 20, 2010, explosion of the Deepwater Horizon drilling rig.
In February 2012, Judge Ellison limited the lawsuit to claims by investors who bought BP’s American depositary receipts on U.S. exchanges. As expected, BP has denied fraud. The lawsuit also names as Defendants former BP Chief Executive Anthony Hayward and former Chief Operating Officer for Exploration and Production Douglas Suttles. Claims against current Chief Executive Robert Dudley were dismissed.
Source: Insurance Journal
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