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Fifth Circuit Revives Stock-Drop Suit Against BP Retirement Plan, Filed After BP Oil Spill
Reuters Link to more items from this source
July 15, 2014
"The [Fifth Circuit] said that a ruling last month from the U.S. Supreme Court upended the reasoning applied by a lower court that had dismissed the class action suit two years ago.... The participants alleged that BP misled them, as investors, and as early as 2007 overstated the safety controls the company had in place. They also alleged that fiduciaries who were charged with managing the retirement savings plans breached their duties by failing to sell off BP stock and take other actions to protect investors. [The lower court had] dismissed the lawsuit in March 2012, finding that plan fiduciaries enjoyed a legal presumption that they acted prudently." [Whitley et al. v. BP, No. 12-20670 (5th Cir. July 15, 2014)]

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