NY pension fund to sue BP for investment loss

Discussion in 'Wall St. News' started by misterno, Jun 23, 2010.

  1. http://finance.yahoo.com/news/NY-pension-fund-to-sue-BP-for-rb-1320850283.html?x=0

    NEW YORK (Reuters) - New York state's pension fund plans to sue BP Plc to recover losses from the drop in the company's stock price following the worst oil spill in U.S. history, Comptroller Thomas DiNapoli said on Wednesday.

    New York's Common Retirement Fund has a long history of serving as the lead plaintiff in shareholder lawsuits. DiNapoli said the fund owned more than 19 million shares when the Deepwater Horizon rig exploded in the Gulf of Mexico in April.

    DiNapoli, the sole trustee of the $132.6 billion state pension fund, has hired law firm Cohen Milstein Sellers & Toll to represent the fund.

    "BP misled investors about its safety procedures and its ability to respond to events like the ongoing oil spill and we're going to hold it accountable," said the comptroller, a Democrat, who stands for election in November.

    Spokesmen for other states, such as Virginia, Maryland and New Jersey, Illinois and Ohio, and for New York City, were not immediately available to say whether they would also sue BP to recoup any investment losses.

    On Monday, a coalition of eleven East Coast states told the oil giant they will hold the company responsible for any losses caused by its still-growing oil spill in the Gulf.
  2. cstfx


  3. What is the point in shareholders suing a company they own? Isn't it like suing yourself? Unless you are hoping to get your hands on money that isn't in the company of course, like BP exec & director's personal funds. If you win judgment on BP's assets, all shareholders ought to get paid in proportion to their holdings, right? And see equivalent drop in their share prices - so what's the point? Except for the lawyers, of course... and the politician running for reelection telling the sheeple that he is doing "something" :confused:
  4. Daal


    As I understand you can sell your shares and sue. You would be suing for a period of time that you where a shareholder and had a decline in the value of your stock
  5. An attempt at zero risk investing.
  6. MattF


    Love to see what else they've "invested" in...sheesh was BP really *that* much of the portfolio?
  7. S2007S


    Doesn't everyone know that any investment on wallstreet involves something called "RISK", I don't understand how there could be a lawsuit. Do they think investments only go in one way??? Fucking unbelievable. Take the damn loss and move the fuck on, enough of these lawsuits. crybabies!!
  8. I could do so much "damage" if I had his job. :D
  9. DiNapoli is jealous. (All I have is this stinkin lawsuit)

    NJ sold BP before the drop made few million. GS sold BP before the drop.

    Nice shiny GS tower in NJ.

    I like to make up my own conspiracies.
  10. It is impossible for GS to know about the oil spill before everyone

    So it must be a coincidence
    #10     Jun 24, 2010