BALTIMORE (Legal Newsline) – Maryland Attorney General Douglas Gansler announced a lawsuit on Friday against BP for allegedly making false and misleading statements regarding its commitment to safety reforms, oil spill prevention and spill response capabilities.
Gansler alleged the misleading statements led to investment losses by the Maryland State Retirement and Pension System after the April 2010 Deepwater Horizon explosion and oil spill.
“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,” Gansler said. “Maryland taxpayers should not have to pay the price for BP’s failure to prevent and swiftly respond to this tragedy.”
The $44 billion public pension system administers pension and retirement benefits for more than 382,000 retirees, beneficiaries and current state employees. The system covers judges, legislators, law enforcement personnel, state employees, teachers and many local employees.
Gansler’s lawsuit covers investments of BP ordinary shares bought on the London Stock Exchange and American depository shares acquired between November 8, 2007 and April 26, 2010.
Original Story: Md. AG files shareholder suit against BP