We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

BP Drilled By Shareholder Derivative Suit

Law360 (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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.