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

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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