Securities class action against BP allowed to proceed

February 21, 2013 by

Stocks and sharesA Houston federal judge allowed a securities class action case against BP plc to go forward.  The litigation stems from alleged misrepresentations made to investors about the success and scope of BP’s process safety efforts, as well as false claims about its oil spill response capabilities in the Gulf of Mexico. U.S. District Judge Keith P. Ellison, of the Southern District of Texas, ruled on February 6, 2013 that most of the claims asserted in the lawsuit can proceed to discovery.

The decision came after a hearing in November 2012 on BP’s motion to dismiss in a class action lawsuit filed by the New York State Common Retirement Fund, among others. The Fund, as co-lead plaintiff, represents a class of investors who purchased BP’s American Depositary Shares from November 8, 2007 through and including May 28, 2010.

Categories: Class Actions of Interest

Tags:

Steve Larson
An experienced trial lawyer who handles both hourly and contingent fee cases, Steve has expertise in class actions, consumer cases, antitrust litigation, securities litigation, corporate disputes, intellectual property disputes, unfair competition claims, employment matters, and disputes involving family wealth. Steve regularly represents individuals and businesses in federal and state court and has obtained class-wide recovery in multiple class actions. A veteran practitioner, Steve's clients value his creative approach to resolving complex litigation matters.

Legal Disclaimer

The information contained in this blog does not constitute legal advice, and does not create an attorney-client relationship. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this blog.