Anadarko Says It Didn’t Cause Investors’ Spill LossesMargaret Cronin Fisk
Anadarko Petroleum Corp., a partner in the BP Plc well that was the source of the largest U.S. offshore spill, said in a court filing that it wasn’t responsible for shareholders’ losses after the 2010 spill.
Investors accused Anadarko, which held a 25 percent interest in BP’s Macondo well, of understating its role in the project and misleading them about the company’s potential financial liability from the Gulf of Mexico disaster.
The investors failed to establish that the company had violated any securities laws, committed fraud or made misleading public statements that investors relied upon, Charles Schwartz, Anadarko’s lawyer, said in a filing in federal court in Houston.
“The depreciation in the market price of Anadarko securities resulted from factors other than the misstatements and omissions alleged” in the investors suit, Schwartz said in the filing. The action was filed as a securities-fraud class action seeking recovery of billions of dollars in lost share value after the spill began in April 2010.
The Houston judge overseeing the Anadarko shareholders’ claims threw out the majority of the case in July and limited participation to investors who bought shares after May 4, 2010. That was the date of an analysts’ call during which a manager said the company hadn’t been involved in the technical design of the Macondo well.
A different U.S. judge overseeing oil-spill litigation against BP, which is consolidated in New Orleans, previously threw out negligence claims against Anadarko, finding the company had no “duty to intercede in BP’s operations” at the Macondo well, according to the filing.
The case is In re Anadarko Petroleum Corp. Class Action Litigation, 4:12-cv-00900, U.S. District Court, Southern District of Texas (Houston).