BP Hit With ERISA Suit Over Gulf Oil Spill

Law360, New York (June 29, 2010, 12:37 PM EDT) -- Participants in BP PLC's employee retirement plan have accused the oil giant of illegally jeopardizing their pensions by investing their contributions in company stock, which have lost about half their value since the start of the oil spill in the Gulf of Mexico.

The lawsuit, the latest in a slew of cases that have followed the spill, was filed Monday in the U.S. District Court for the Northern District of Illinois. It accuses BP and its executives of violating the Employee Retirement Income Security Act of...
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