BP Faces 2014 Trial Over Investor Claims It Hid Spill’s Size
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BP Plc will face a jury trial Aug. 25, 2014, in federal court in Houston on investors’ multibillion-dollar allegations that the company hid the true size of the 2010 Gulf of Mexico oil spill to limit the effect on its stock price.
The investors, led by Ohio and New York pension plans, sued BP and certain officers in 2010, alleging violations of U.S. securities law. The investors also claim the company publicly claimed a commitment to and implementation of expanded safety measures while internally cutting budgets and rejecting employees’ safety warnings.