BP Sued Over Employee Stock Plan Losses After Spill

Business Law

BP Plc was sued by members of its employee savings plan over losses tied to the company’s plunging stock price amid the oil leak disaster in the Gulf of Mexico.

BP has lost more than half of its market value since the April 20 explosion that caused the largest oil spill in U.S. history. The fire and blast aboard the Deepwater Horizon drilling rig that was working on a well for London-based BP killed 11 members of its crew.

The lawsuit, for which the workers are seeking class- action, or group, status was filed yesterday in federal court in Chicago.

“Defendants knew or should have known that investment in BP Plc equity was -- and continues to be -- an imprudent investment of the ESP’s assets due to serious mismanagement and improper business practices that resulted in catastrophic incidents of international significance, including, among others, the BP spill in the Gulf of Mexico,” the plaintiffs claimed.

Full-time, part-time, occasional and temporary employees are eligible to invest in the employee savings plan, or ESP, according to the lawsuit. Regulatory filings show that the plan held $2.45 billion worth of BP American depositary shares, or 29 percent its $8.27 billion of assets, at the end of 2009, according to the complaint.

Related listings

  • At spill hearing, BP CEO says he's 'deeply sorry'

    At spill hearing, BP CEO says he's 'deeply sorry'

    Business Law 06/17/2010

    Chastened by heavy criticism from lawmakers, a grim-faced BP chief executive Tony Hayward said Thursday he was "deeply sorry" for his company's catastrophic oil spill in the Gulf of Mexico."I understand the seriousness of the situation, the frustrati...

  • Lehman, Nortel, Bank of America, Google in Court News

    Lehman, Nortel, Bank of America, Google in Court News

    Business Law 06/07/2010

    Lehman Brothers Holdings Inc.’s ex- Chief Executive Officer Richard Fuld asked a judge to dismiss a lawsuit accusing him and his colleagues of failing to disclose Repo 105, a financing method allegedly used to conceal billions of dollars of debt, acc...

  • Cleanup Costs and Lawsuits Rattle BP’s Investors

    Cleanup Costs and Lawsuits Rattle BP’s Investors

    Business Law 06/04/2010

    BP shareholders are fleeing the company’s stock amid growing uncertainty about the ultimate bill for cleanup costs, lawsuits, fines and damage to the oil giant’s reputation. BP’s shares fell an additional 15 percent on Tuesday, as investors reacted t...

Is Now the Time to Really Call a Special Education Lawyer?

IDEA, FAPE, CHILD FIND and IEPs: The Individuals with Disabilities Education Act (IDEA) guarantees all children with disabilities to a free appropriate public education (FAPE). FAPE starts with a school’s responsibility to identify that a child has a disability (Child Find) and create an Individualized Education Program (IEP) to suit the needs of the child.

Forte Law Group is one of only a very few law firms within the state of Connecticut that is dedicated to exclusively representing families and children with special needs.

Parents need to be persistent, dedicated and above all else aware of the many services and accommodations that their child is entitled to under the law. As early as this point within your child’s special education, many parents will often find themselves in the situation asking, “is now the time to really call a special education lawyer?” Here are a few things to consider when asking yourself that question.

Business News

St Peters, MO Professional License Attorney Attorney John Lynch has been the go-to choice for many professionals facing administrative sanction. >> read