BP Disaster Environment

BP employees lawsuit over BP oil disaster revived

July 16, 2014

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The 5th U.S. Circuit Court of Appeals in New Orleans revived yesterday a lawsuit in which participants in four BP Plc employee retirement savings plans claimed they were deceived into buying and holding BP stock before and after the 2010 Deepwater Horizon disaster.

In an unanimous decision, the three-judge panel ordered U.S. District Judge Keith Ellison in Houston to take another look at the claims of participants in the retirement savings plan that the plan’s investiment in BP stock dropped $1.85 billion in value in the months after the Deepwater Horizon rig exploded in the Gulf of Mexico. The explosion killed 11 workers and caused the worst ever U.S. offshore oil spill.

Read Reuters.

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