BP Ducks $2.6B Suit Over Canceled Post-Spill Dividend

Law360, New York (July 5, 2012, 5:16 PM EDT) -- A Texas federal judge tossed a $2.6 billion putative shareholder class action against BP PLC over canceled dividend payments following the Deepwater Horizon oil spill, finding that the court lacked jurisdiction because the plaintiff failed to show BP had sufficient business activity in Oregon.

Shareholder Robert R Glenn failed to establish personal jurisdiction in the case against the oil giant, according to U.S. District Judge Keith P. Ellison, who ruled that Glenn did not produce enough evidence to establish that BP is the corporate parent of...
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