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N.Y. state retirement fund files lawsuit against BP

Posted on Jul 11, 2010

With its BP shares having fallen 50% since the Deepwater Horizon rig explosion on April 20, the New York State Common Retirement Fund—the country’s third largest public pension fund—has filed a class action suit against the oil giant.

The $132.6 billion fund’s 19 million BP shares have lost nearly $575 million in value.

“We’re going to hold BP accountable” for misleading investors about its ability to respond to a crisis such as the Gulf oil disaster, said New York State comptroller Thomas P. DiNapoli. The state will go after BP under a securities fraud provision of the law.

Many other funds in the country have seen their BP portfolios take a hit. The California Public Employees’ Retirement System (Cal PERS), the nation’s largest public pension fund, has seen its 60 million BP shares fall in value from $585 million to $345 million. However, CalPERS has not decided to take legal action at this time.

Source: CNN.com

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