NEW YORK (Reuters)– State pension funds in Ohio and New York filed an amended complaint against BP Plc seeking to recover investment losses due to the Gulf Coast spill, when BP shares tumbled by nearly half, wiping out more than$90 billion of value.
The funds filed the case in the U.S. District Court in the southern district of Texas seeking compensatory and punitive damages against the oil company.
The complaint argues that BP made misstatements regarding the safety processes it put in place, leading investors to believe it had a lower risk profile and inflating its stock.
The two pension funds were named lead plaintiffs in the case in December.
BP declined comment on the suit.
(Reporting by Michael Erman; Additional reporting by Jonathan Stempel; Editing by Gary Hill)
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