BP Settles Shareholder Case Over Bad Management

Law360, New York (March 5, 2008, 12:00 AM EST) -- Following a $373 million payment to the U.S. government for environmental and fraud claims, BP Plc has agreed to settle with shareholders that accused the energy giant of gross mismanagement.

The settlement between BP and two U.S. shareholder groups, the London Pensions Fund Authority and labor union Unite Here, was signed on Feb. 2 but only released Wednesday, Dow Jones reported.

Under the settlement, BP agreed to “enhance its dialogue with stockholders on corporate governance issues by holding at least one meeting each year with a...
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