BP Plan Sues Northern Trust For Securities Lending

Law360, New York (October 22, 2008, 12:00 AM EDT) -- The committee overseeing BP Corp. North America Inc.'s employee pension and savings plans has filed a lawsuit against Northern Trust Co., alleging the financial services firm engaged in risky securities lending that led to substantial losses.

The suit, filed Tuesday in the U.S. District Court for the Northern District of Illinois, accuses Northern Trust of violating its fiduciary duties under the Employee Retirement Income Security Act and breaching various investment manager agreements with the plan committee.

The committee claims Northern Trust, through its Chicago, Ill.-based affiliate...
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