BP Hit With $100M Class Action Over Retirement Plan

By Jess Krochtengel (April 13, 2016, 6:42 PM EDT) -- BP employees hit the company with a $100 million putative class action in Texas federal court Wednesday, seeking compensation for what the workers say are underpaid retirement benefits dating back to the 1987 acquisition of Standard Oil of Ohio.

Plaintiffs Fritz Guenther and Walt Fujimoto, on behalf of a putative class of more than 1,000 current and former employees, allege BP Corp. North America Inc. and BP Retirement Accumulation Plan are liable for several violations of the Employee Retirement Income Security Act of 1974. Plan participants include about 450 former Sohio employees who a BP ombudsman had in 2014 determined were...

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