Foreign investors allowed to pursue claims against BP in U.S. court

FRT Admin
Site administrator
October 24, 2014

There has been a new development in the case against BP Plc regarding the 2010 Gulf of Mexico oil spill. In a recent decision, a U.S. District Judge in Texas said foreign investors who bought BP common shares on exchanges overseas are able to pursue securities class action claims under English law.

Pension funds in the U.K., Germany and other countries that bought shares on the London exchange sued BP in Houston federal court, claiming the company pumped up the value of its stock by downplaying the size of the April 2010 Macondo oil spill.

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BP has several other cases pending in Texas court, including a class action by holders of American Depositary Receipts, which is scheduled to be heard in May. The recent ruling doesn’t allow foreign investors to join the class action, but it aggregates them with dozens of individual lawsuits brought by U.S. pension funds that also bought BP ordinary shares on the London exchange.

Read this Bloomberg article for more information regarding the BP decision.

 

 

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U.S. CLAIMS  I  GLOBAL GROUP LITIGATION  I  ANTITRUST  I  LITIGATION MONITORING  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is the leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.

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SETTLED  I  NON-US GLOBAL OPT-IN  I  ANTITRUST  I  GLOBAL PASSIVE  I  DIRECT OPT-OUT  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is a leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

 

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.