BP lying? Who ever could believe such a claim?
The class-action lawsuit examined in Texas late on Tuesday is expected to be joined by hundreds or thousands of investors who lost money when BP shares plunged in April. Judge Keith Ellison named New York State Comptroller Thomas DiNapoli and Ohio's newly-elected Attorney General Mike DeWine as lead plaintiffs. The two politicians have responsibility for their respective states' public-employee pension funds, which are among the largest holders of BP's US-listed stock.
Of the claims consolidated into the new lawsuit, the Ohio and New York claims are amongst the widest-ranging, alleging that BP was lying to investors as far back as 2005. The suit will therefore examine all of the company's safety-related statements, including its public communication about other accidents that have tarnished its reputation in the US.
BP has for years maintained a corporate culture where adherence to safety protocols and environmental laws were ignored in favour of profits, the suit claims, leading to a fatal explosion at its Texas City oil refinery in 2005 and two oil spills in Alaska in 2006. The company then lied about improvements it had made after those accidents, the suit adds.
