9th Circ. Revives BP Investors' Alaska Spill Suit

Law360, Los Angeles (February 13, 2014, 8:46 PM EST) -- The Ninth Circuit on Thursday revived a proposed class action accusing BP PLC of misleading shareholders about a corroding Alaska pipeline, ruling that they created a strong inference of deliberate recklessness as to the false or misleading nature of BP's public statements.

The three-judge panel — partially reversing a lower court's dismissal of the complaint, which alleged that the pipeline's ultimate shutdown in 2006 triggered a drop in BP share prices that cost investors billions — said the stockholders adequately pled scienter as to some statements...
To view the full article, register now.