BP
Practice Area: Securities Fraud
The New York State Common Retirement Fund and four Ohio public retirement systems have asked to be appointed joint lead plaintiff in securities class-action cases against BP PLC over its oil-drilling safety.
In a memorandum in support of their motion for lead plaintiff status, filed Tuesday in U.S. District Court in Lafayette, La., the retirement systems estimate they lost between $181 million and $229.4 million in aggregate on their BP stock, depending on the accounting method, from June 30, 2005, through June 1 of this year.
The $132.6 billion New York state fund, Albany, and the $71.3 billion Ohio Public Employees Retirement System, Columbus, were joined in the motion by the $60.9 billion Ohio State Teachers Retirement System; the $10.1 billion Ohio Police & Fire Pension Fund and the $9.6 billion Ohio School Employees Retirement System, all also based in Columbus.
The motion seeks lead plaintiff status in the class-action cases of Johnson Investment Counsel Inc. vs. BP, filed June 7, before Judge Rebecca F. Doherty, and Ludlow vs. BP, filed May 21, before Judge Richard T. Haik Sr. Both cases are pending in U.S. District Court in Lafayette.
The systems in the motion also are seeking the court's approval of the law firms of Cohen Milstein Sellers & Toll and Berman DeValerio to serve as co-lead plaintiff counsel.
Motion for Lead Plaintiff - July 20, 2010 [PDF]
Memorandum in Support - July 20, 2010 [PDF]
DiNapoli Sues BP Over Losses From Oil Spill Disaster
State Pension Fund Hires Cohen Milstein to Seek Lead Plaintiff Status
New York State Comptroller Thomas P. DiNapoli, as trustee of the $132.6 billion New York State Common Retirement Fund (Fund), announced today that he has hired the law firm of Cohen Milstein Sellers & Toll PLLC to represent the Fund in a class action against BP Plc. DiNapoli said the Fund will seek lead plaintiff status in the action that stems from BP’s disastrous Deepwater Horizon explosion and oil spill in the Gulf of Mexico in April.
“It’s my duty to protect the interests of the Fund and the retirees and employees who rely on it,” DiNapoli said. “BP misled investors about its safety procedures and its ability to respond to events like the ongoing oil spill and we’re going to hold it accountable.”
DiNapoli said he is seeking to lead the class action against BP to give the Fund and other investors their best chance at recovering damages sustained from the decline in shareholder value subsequent to the Deepwater Horizon explosion and oil spill. DiNapoli said the Fund held more than 19 million shares at the time of the event.
The Fund provides benefits to more than one million active and retired state and local government employees, police officers, and firefighters. In addition to investment earnings, the Fund is funded by contributions by state and local government employers and employees.
Contact:
Press Office
(518) 474-4015
press@osc.state.ny.us