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Thursday, December 30, 2010

BP (NYSE:BP) Investor Suit Lead Plaintiffs from Ohio, New York Pension Funds

U.S. District Judge Keith P. Ellison, who is presiding over the BP (NYSE:BP) investor lawsuit, named Ohio State Attorney General Richard Cordray and New York State Comptroller Thomas DiNapoli as lead plaintiffs in the litigation.

They each head up the public employee pension fund of the state they reside in.

Parameters of the lawsuit is for those who invested in American depositary receipts (ADRs) or common stock of BP from from June 2005 to June 2010 and suffered losses from the oil spill in the Gulf of Mexico.

In a different class, Ellison named four individual investors as lead plaintiffs, with the parameters being those who acquired common shares of BP or ADRs from from March 2009 to April 20 of 2010.

One difference in the two classes is the Ohio and New York funds say they suffered major losses when they purchased ADRs in the weeks following the explosion on the doomed oil rig.

They claim BP deliberately understated the flow of oil released from the oil well. But you have to wonder what those over these funds were doing when putting pension money into that type of scenario.

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