In re BP p.l.c. Securities Litigation (BP p.l.c.- Deepwater Horizon)
Status: Ongoing Case
On February 24 and April 18, 2014, Labaton Sucharow filed individual securities actions against BP p.l.c. (BP) on behalf of several U.S. public pension funds.
These actions allege that BP and related defendants made materially false and misleading statements and omissions prior to and following the Deepwater Horizon explosion on April 20, 2010. The devastating explosion caused the largest oil spill in the history of marine oil drilling operations and resulted in the death of 11 workers on the Deepwater Horizon drilling rig.
Along with violations of U.S. federal securities laws, the plaintiffs also assert common law deceit claims, alleging violations of English common law. As a result of BP's fraud, the plaintiffs suffered damages on BP Ordinary Shares traded on the London Stock Exchange and on BP American Depository Shares (ADS) traded on the New York Stock Exchange.
These actions were transferred for coordination and consolidation in the multidistrict litigation (MDL) with a related class action and numerous other individual actions filed against BP based on the same alleged fraud. The defendants filed their motion to dismiss on September 28, 2016. We await the court’s decision.
The consolidated case is captioned In re BP p.l.c. Securities Litigation, No. 10-md-2185 (S.D. Tex.). The plaintiffs are the Arkansas Teacher Retirement System, the Employees' Retirement System of the State of Hawaii, the Illinois Municipal Retirement Fund, the Indiana Public Retirement System, the Public Employee Retirement System of Idaho, the Public School and Education Employee Retirement Systems of Missouri, the Nebraska Investment Council, and the Virginia Retirement System. The defendants include BP, two BP subsidiaries and individual defendants.