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Wednesday April 23rd 2014

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BP faces fraud claims by investors

BP faces fraud claims by investors who said the company lied before and after the 2010 Gulf of Mexico oil spill about its accident response capability, thanks to a ruling by U.S. District Judge Keith P. Ellison in Houston yesterday. Ellison said that holders of BP American depositary receipts to pursue claims alleging violations of U.S. securities law. He dismissed claims by investors who bought ordinary shares of London-based BP, saying his court has no jurisdiction over them. Read more.