New York City has sued BP Plc for more than $39 million of losses it claims beneficiaries of the city’s pension funds sustained due to BP’s “misconduct and fraudulent behavior” linked to the 2010 Deepwater Horizon oil spill. The city’s comptroller John Liu said:
BP failed to disclose to shareowners the serious risks involved in its offshore drilling operation. After the spill began, it misleadingly attempted to minimize the extent of the damage and the cost to shareowners. The estimated transactional investment losses to City pension beneficiaries caused by BP’s misconduct and fraudulent behavior exceed $39 million
The lawsuit, filed in the Southern District of New York, alleges BP failed to disclose facts about the dangers involved in offshore drilling operations, the extent of the leak and the estimated cost of the cleanup costs.
Source: Insurance Journal
Contact us today for a free legal consultation with an experienced attorney.
Fields marked *may be required for submission.
If you would like to subscribe to the Jere Beasley Report digital edition, simply visit our Subscriptions page and provide the necessary information or call us at 800-898-2034.
Attorney Advertising - Prior results do not guarantee a similar outcome.