Major UK shareholders in BP have joined together to sue the British energy giant in the US over lost earnings from the infamous Deepwater Horizon oil rig blast in 2010. The case is the first in the US, where awards are much bigger than in the UK. The new litigation is led by Pomerantz Law, which has brought together 32 major BP shareholders from various countries, though mostly from Great Britain, who acquired their shares before the 2010 accident in the Gulf of Mexico and sustained financial losses as a result of the collapse in the value of shares that followed the disaster. The Deepwater Horizon blowout caused the value of London-based BP shares to immediately plunge by over a half, and even today the shares have not recovered to their restored to their 2010 level. “The fact that UK pension funds who bought stock on the London Stock Exchange can now participate in bringing claims in the US raises the prospect of recoveries where significant losses have been incurred,” Pomerantz lawyer Jennifer Pafiti told the London Evening Standard. rt/uk/170596-bp-losses-lawsuit-uk/
Posted on: Sat, 05 Jul 2014 14:33:27 +0000
Trending Topics
Recently Viewed Topics
© 2015