BP Investors’ Trial Over Spill Losses Set for May 2015
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BP Plc investors claiming as much as $2.5 billion in market losses caused by company misrepresentations about the severity of the 2010 oil spill will make their case to a jury next May 18, a judge ruled today.
The investors, led by the pension funds of New York and Ohio, claim the company inflated share prices by downplaying the size of the spill in the weeks after the blowout of BP’s Macondo well in the Gulf of Mexico. Only investors who held ADR shares in the U.S. are part of the lawsuit.