Law360, New York (April 9, 2009, 12:00 AM EDT) -- A federal judge has given preliminary approval to a $43.25 million settlement in a securities class action accusing BP PLC and BP Exploration Alaska Inc. of misleading investors about the integrity of its pipelines prior to a major 2006 oil spill that caused the oil giant's stock to drop.
Judge Marsha J. Pechman of the U.S. District Court for the Western District of Washington signed off on the deal Wednesday. A settlement hearing to consider finalizing the deal is scheduled for June 30.
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