BP Shelves Severance Payments To Browne

Law360, New York (July 9, 2007, 12:00 AM EDT) -- Hoping to appease shareholders, oil giant BP Plc has decided to halt severance payments totaling around 2 million pounds owed to former Chief Executive John Browne and former refining chief John Manzoni amid allegations that the executives engaged in wrongdoing.

On Monday, BP revealed that it had instituted a freeze on the payments in connection with the lawsuit currently unfolding in an Alaska court.

The shareholder group initially filed suit against BP's executive team, charging the officials with mismanagement following a string of incidents including a...
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