Maryland AG Sues BP Over Pension Losses Tied to Gulf Oil Spil

April 22, 2014

Maryland Attorney General Douglas F. Gansler  has sued BP plc. for allegedly making false and misleading statements regarding its commitment to safety reforms and oil spill prevention and response capabilities. Ganlser claims the Maryland State Retirement and Pension System relied on those statements and then suffered investment losses following the April 2010 Deepwater Horizon explosion and oil spill.

The suit was filed in the U.S. District Court for the Southern District of Texas on April 18.

“The Deepwater Horizon oil spill not only claimed the lives of 11 people and caused the largest environmental disaster in U.S. history, it also resulted in millions of dollars in investment losses sustained by Maryland’s pension system,” said Gansler in a statement. “Maryland taxpayers should not have to pay the price for BP’s failure to prevent and swiftly respond to this tragedy.”

The lawsuit covers investments of BP ordinary shares purchased on the London Stock Exchange and American Depository Shares acquired between November 8, 2007 and April 26, 2010.

The public pension system administers retirement and pension benefits for more than 382,000 retirees, beneficiaries and current state employees. The $44 billion system covers teachers, state employees, law enforcement personnel, legislators, judges, and many local employees.

 

 

 

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