July 15 (Bloomberg) — BP Plc employees can sue managers of the company's retirement savings plan over losses related to the 2010 Gulf of Mexico oil spill, a U.S. appeals court said.
The New Orleans-based appellate court today, citing a recent Supreme Court ruling, rejected Houston U.S. District Judge Keith Ellison's 2012 decision denying claims for millions of dollars in losses suffered by the plans.
The suits questioned plan managers' investment in BP's shares, which dropped more than 40 percent after the worst offshore spill in U.S. history and still haven't completely recovered in value.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
