Administration April 23, 2012
Oregon Public Pension Sues BP
April 23, 2012 (PLANSPONSOR.com) - Oregon is suing British Petroleum (BP), claiming the company owes the state pension fund $19 million for stock losses due to the 2010 oil rig disaster.
Reported by Tara Cantore
The lawsuit, which was filed Thursday, alleges BP made materially false or misleading statements to investors about safety procedures and practices in connection with its deepwater drilling operations, reports the Statesman Journal.
The lawsuit is filed on behalf of the Oregon Public Employees Retirement Fund (OPERF) and other trust funds, and concerns shares of BP ordinary stock purchased from May 2007 to May 2010 on the London Stock Exchange.
Ohio’s Attorney General filed a similar lawsuit last week (see “Ohio Pension Funds File Lawsuit Against BP”).
