BP Unit Escapes Securities Action Over 2006 Oil Spill

Law360, New York (March 2, 2009, 12:00 AM EST) -- A federal judge has dismissed BP PLC unit BP America Inc. from a proposed securities class action that accuses the oil giant of obfuscating data prior to a major 2006 pipeline spill that caused a drop in BP's stock price.

In an opinion issued Friday in the U.S. District Court for the Western District of Washington, the claims against BP America and individual defendant Walter E. Massey, the former environmental committee chairman of the oil giant's board of directors, were dismissed as time-barred, though parent company...
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