Bankrupt ATP's Board Sued Over $1.5B Note Exchange

Law360, Chicago (May 28, 2013, 8:50 PM EDT) -- A pension fund on Friday hit ATP Oil & Gas Corp.’s board with a class action alleging the bankrupt company misled investors about a $1.5 billion note exchange by downplaying the impact on its business from the drilling moratorium enacted after the Deepwater Horizon oil spill.

The plaintiff and others who took part in the December 2010 exchange have suffered more than $1 billion in losses on the notes, which are currently trading at just four cents on the dollar, according to a complaint filed in...
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