BP Drilled By Shareholder Derivative Suit

Law360, New York (October 4, 2006, 12:00 AM EDT) -- A labor union pension fund has hit executives and board members of British Petroleum with a shareholder derivative lawsuit, contending that the recent disasters that have befallen the oil giant have driven down the value of the company.

The retirement fund of UNITE HERE, which represents industrial, textile, hotel and restaurant workers, filed suit against BP in Alaska state court in Anchorage, claiming that reckless management had torpoedoed the company.

“Defendants’ grossly negligent – if not intentional – failure to oversee the corporate assets of this...
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