The Times-Picayune reports that the lawsuit contends that BP and its executives caused the value of the company’s stock to slide by more than 40% through their “long-implemented choice to maximize output at the company’s production facilities instead of ensuring that the company complied with safety regulations.” The suit alleges that BP has a long history of ignoring safety issues, and cites other accidents, including a 2005 explosion at BP’s Texas City refinery that left 15 workers dead, according to the news report.
An attorney for the $310-million pension fund said the fund is alleging that these actions hurt BP’s brand and stock value. He said he did not know exactly how much stock was held by the pension fund.
It is expected that the lawsuit will be combined with other similar shareholder suits.
The Times-Picayune said a similar suit was filed on May10 in federal court in New Orleans by the $1.2-billion Louisiana Municipal Police Employees’ Retirement System in Baton Rouge.