BP Fights To Keep Suit Over Retirement Losses Shut Down

Law360, New York (May 3, 2012, 8:13 PM EDT) -- BP PLC on Wednesday sought to bar a class of current and former employees from renewing allegations in Texas federal court that the company doomed their employee retirement funds by overinvesting in company stock in the years before the Deepwater Horizon oil spill.

A federal judge granted BP's motion to dismiss the case in March, saying the plaintiffs had failed to overcome the "presumption of prudence" that protects plan fiduciaries accused of violating the Employee Retirement Income Security Act.

Now the plaintiffs in the class action...
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