BP Off Hook In Shareholder Suit Over Prudhoe Bay Spill

Law360, New York (March 15, 2012, 6:05 PM EDT) -- A federal judge on Wednesday tossed a proposed class action against BP PLC, saying the shareholders had failed to prove BP misled them about a corroding Alaska pipeline whose ultimate shutdown in 2006 triggered a drop in BP share prices that cost investors billions.

In her order, U.S. District Judge Marsha J. Peckman ruled that although the plaintiffs present a set of claims that “adequately allege” the oil giant mischaracterized pipeline deterioration, they did not sufficiently support that the oil giant had intended to deceive, manipulate or defraud by distributing...
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