Law360, New York (March 15, 2012, 6:05 PM ET) -- 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...
BP Off Hook In Shareholder Suit Over Prudhoe Bay Spill
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