Shareholders Add to British Petroleum’s Troubles

Law360, New York (August 16, 2006, 12:00 AM EDT) -- British Petroleum PLC’s executives, already under state and federal investigation for their role in the Prudhoe Bay oil shutdown, are now being sued by the shareholders for mismanaging the company and causing it severe harm during the crisis.

The shareholder derivative complaint, filed Monday with the U.S. District Court in New York, accuses Chief Executive John Browne and 16 other officers and directors of causing the company “to waste its assets, expend corporate funds, and impair its reputation and credibility for no legitimate business purpose.”...
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