Shareholders Sue BP Over Safety Claims

Law360, New York (May 24, 2010, 1:58 PM EDT) -- Holders of BP PLC's American Depositary Receipts are suing the oil company, saying its assurances about the safety of its Gulf of Mexico drilling caused them to lose huge amounts of money following the explosion of the Deepwater Horizon rig and resulting oil spill.

The complaint, filed Friday in the U.S. District Court for the Western District of Louisiana, adds a shareholder lawsuit to the pile of suits brought against BP in the wake of the disaster.

American Depositary Receipts are shares of foreign-owned companies traded...
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