Skip to main content
MENU
Subscribe
  • Sign Up Free
  • LOGIN
  • Subscribe
  • Topics
    • Alternatives
    • Consultants
    • Coronavirus
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Face to Face
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Opinion
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Russia-Ukraine War
    • SECURE 2.0
    • Special Reports
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • WPS Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • ESG Sustainability - Gaining Momentum
    • Climate Change: The Inescapable Opportunity
    • Impact Investing
    • 2022 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2022 Defined Contribution East Conference
    • 2022 DC Investment Lineup Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Performance Data
    • P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
    • Future of Investments Research Series
    • Charts & Infographics
    • Polls
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2023 Defined Contribution East
    • 2023 ESG Investing
Breadcrumb
  1. Home
  2. COURTS
April 22, 2014 01:00 AM

Public pension fund lawsuits piling up against BP

Rob Kozlowski
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    Bloomberg

    A slew of public pension funds filed lawsuits against BP PLC on April 18 for investment losses resulting from the Deepwater Horizon oil rig explosion and oil spill in April 2010.

    The first lawsuit, with the Richmond-based $58.3 billion Virginia Retirement System as lead plaintiff, covers American depository shares and BP ordinary shares purchased on the London Stock Exchange between Nov. 8, 2007, and June 25, 2010. The other plaintiffs in the VRS-led suit are the $34.5 billion Missouri Public School and Education Employee Retirement Systems, Jefferson City; $28.6 billion Indiana Public Retirement System, Indianapolis; Nebraska Investment Council, Lincoln, which oversees $20 billion including $11.1 billion in defined benefit plan assets; and $14 billion Idaho Public Employee Retirement System, Boise.

    The plaintiffs seek compensation for investment losses to their BP shares due to the firm’s “false and misleading statements and omissions” regarding safety reforms that BP said it had implemented as a result of earlier accidents, the firm’s ability to respond to the oil spill and the firm’s reports regarding the amount of oil spilled as a result of the Deepwater Horizon explosion, according to the complaint filed on April 18 in the U.S. District Court in Houston.

    The $57 billion Massachusetts Pension Reserves Investment Management Board, Boston, also filed its own lawsuit as sole plaintiff against BP on April 18, also in the U.S. District Court in Houston, in connection with its transactions in BP ordinary shares from Feb. 7, 2007, through May 28, 2010. The lawsuit also alleges that investment losses resulted from misleading statements in connection with the oil rig explosion and oil spill.

    Another lawsuit was filed in the same court on April 18 by the €292 billion ($381 billion) Stichting Pensioenfonds ABP, Heerlen, Netherlands; $124 billion Texas Teacher Retirement System, Austin; and $10.6 billion Louisiana State Employees’ Retirement System, Baton Rouge; along with ING IM funds and Norges Bank and covers American depository shares and BP ordinary shares purchased on the London Stock Exchange between Feb. 7, 2007, and June 25, 2010. The complaint makes similar allegations to the Virginia-led lawsuit.

    Maryland Attorney General Douglas F. Gansler’s office also announced April 18 the filing of its lawsuit in the U.S. District Court in Houston against BP for investment losses resulting from the Deepwater Horizon disaster sustained by the $44 billion Maryland State Retirement & Pension System, Baltimore.

    These newest lawsuits follow the April 2013 lawsuit by New York City Retirement Systems’ five pension funds, with combined assets of $150 billion, for failing to “disclose to shareowners the serious risks involved in its offshore drilling operation,” according to John Liu, New York City comptroller and sole trustee of the pension funds, at the time.

    Ohio and Oregon also filed lawsuits in April 2012 on behalf of state pension funds.

    BP officials could not be reached by press time.

    Related Articles
    BP workers can't sue retirement plan over spill loss, judge says
    Ohio files state suit over BP oil well explosion
    New York City pension plans sue BP over Deepwater Horizon losses
    Maryland State Retirement sues BP over Deepwater Horizon explosion
    BP employees can sue for stock losses, appeals court says
    NYC Retirement Systems, TIAA-CREF join in lawsuits against American Realty
    Rhode Island ERS leads class-action lawsuits against BP, Plains All American
    Norfolk County Retirement sues Wynn Resorts claiming fiduciary breaches
    Recommended for You
    ONLINE_180209828_AR_0_FRAQWKTPAVZW.jpg
    Nebraska Methodist Health System accused of ERISA violations in 401(k) plan
    Schneider Electric 2-main_i.jpg
    Schneider Electric, 401(k) participants settle ERISA lawsuit for $200,000
    gavel_closeup_court_1550-main_i.jpg
    ERISA lawsuit against Rollins gets mixed ruling from federal judge
    The Institutional Investor's Guide to ESG Investing
    Sponsored Content: The Institutional Investor's Guide to ESG Investing

    Reader Poll

    January 25, 2023
    SEE MORE POLLS >
    Sponsored
    White Papers
    Show Me the Income: Discovering plan sponsor and participant preferences for cr…
    The Future of Infrastructure: Building a Better Tomorrow
    Outlook 2023: Opportunity in a volatile world
    Research for Institutional Money Management
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    December 12, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Coronavirus
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Face to Face
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Opinion
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Russia-Ukraine War
      • SECURE 2.0
      • Special Reports
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2023 Defined Contribution East
      • 2023 ESG Investing