BP Tries To Nix Deepwater Horizon Securities Suits

Law360, New York (March 21, 2011, 11:51 PM EDT) -- British oil giant BP PLC asked a Texas federal court Monday to dismiss shareholder derivative suits as part of multidistrict litigation stemming from the Deepwater Horizon disaster, claiming that U.S. shareholders did not have standing to sue on behalf of a company organized under U.K. law.

BP said the shareholder suits in the U.S. District Court for the Southern District of Texas should be dismissed because the English High Court was “a more suitable alternative forum for this derivative litigation brought under English law on behalf...
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