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BP p.l.c. Message Board

  • great_stox great_stox May 24, 2010 5:34 PM Flag

    Shareholders are Suing BP! R u in?

    (Reuters) - Shareholders have sued the board of BP Plc (BP.L) for failing to monitor safety and exposing the company to potentially enormous liability related to the Deepwater spill disaster in the Gulf of Mexico, according to court documents.

    "The Deepwater disaster will cause financial consequences to BP and the BP subsidiaries, which will be tabulated in the billions of dollars, including liability for damage to property, commercial interests and wildlife," said the complaint.

    The complaint said the disaster has wiped about $40 billion from BP's market value.

    The lawsuit was brought on behalf of shareholders by individual investor Robert Freedman and the Southeastern Pennsylvania Transportation Authority, or SEPTA, which runs Philadelphia's regional public transit and owns BP's American Depository Shares.

    The plaintiffs are seeking damages as well as seeking to direct the board to take steps to improve corporate governance, such as limiting the number of inside directors and setting up an environmental exposure oversight committee.

 
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