BP Escapes $2.6B Suit Over Canceled Post-Spill Dividend

Law360, Houston (April 12, 2013, 4:36 PM EDT) -- A Texas federal judge Friday dismissed a $2.6 billion putative shareholder class action against BP PLC, ruling the case should have been filed in the U.K. and that the oil and gas giant was authorized to revoke dividend payments following the Deepwater Horizon disaster.

Ruling from the bench, U.S. District Judge Keith P. Ellison told lawyers for BP and a shareholders group led by prospective lead plaintiff Robert R. Glenn that he had to make the "hard decision" to dismiss the suit because the activity of...
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