BP Says Pension Funds' Stock Loss Claims Belong In UK

Law360, Houston (January 7, 2013, 4:28 PM EST) -- BP PLC told a Texas federal court Friday to toss suits brought by public retirement funds in multidistrict litigation over losses they suffered on the London Stock Exchange following the Deepwater Horizon disaster, arguing the cases should be heard in the U.K.

In a motion to dismiss, BP said public pension funds in California, Connecticut, Ohio and Oregon improperly recast previously-dismissed fraud claims under various state laws to avoid the effect of a U.S. Supreme Court ruling that bars federal securities fraud suits relating to trading...
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