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Oil & Gas

BP Shareholders File Lawsuit Over Gulf Oil Spill

June 10, 2010
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Citing the company''s history of safety lapses, cost cutting, and workplace disasters, shareholders who purchased stock in BP have filed a class-action lawsuit based on claims that the company mislead investors prior to the Deepwater Horizon oil spill in the Gulf of Mexico, according to PRNewswire. The suit, filed in the U.S. District Court for the Eastern District of Louisiana, seeks to represent not only American investors, but also people around the world who bought shares in United Kingdom-based BP. The lawsuit notes BP''s prior statements about its Gulf operations being a primary economic driver, and the company''s assertions that it had the technology to safely conduct the operations. But nearly a month after the catastrophic explosion at the Deepwater Horizon, BP''s Chief Executive Officer Anthony B. Hayward admitted that BP did not have the technology available to stop the Gulf leak. The lawsuit chronicles BP''s long history of spills, fires and explosions at its facilities, including a 2005 explosion in Texas City, Texas, that killed 15 people, and a 2006 oil leak in its Prudhoe Bay, Alaska, operations pipeline.
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