BP Escapes ERISA Suit Claiming Spill Sank Stock-Heavy Fund

Law360, New York (March 30, 2012, 7:21 PM EDT) -- BP PLC on Friday evaded allegations that it sank employee retirement funds by overinvesting in company stock in the years before the Deepwater Horizon oil spill, as the judge presiding over the multidistrict litigation said plan beneficiaries hadn't shown BP egregiously mismanaged its plans.

U.S. District Judge Keith P. Ellison granted BP and its executives' motion to dismiss the case, saying that the plaintiffs had failed to overcome the "presumption of prudence" that protects plan fiduciaries alleged of violating the Employee Retirement Income Security Act....
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