Maritime Accident News

Employees suing BP over plunging stock price

A federal lawsuit was filed on Monday in Chicago by members of BP’s employee savings plan due to the hard fall in share prices since the Deepwater Horizon disaster. The case is Moule vs. BP Corp. North America. Since the April 20 explosion of the rig, the company’s stock has fallen close to half of its worth. Over $1.4 billion has been lost in the majority of state retirement funds that hold BP shares. The plaintiffs are seeking class-action status.

As well, former employee Ralph Whitley filed a separate suit against the company and its plans. BP made unwise investments that harmed its retirement plans, Wilson alleged.

Source: Daily Finance.com

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