HOME PAGE All ADVERTISING OPTIONS SUBSCRIPTIONS - Print Edition, News Bulletin Service PRODUCTS - Special Publications SEARCHABLE ARCHIVES Free Trial Subscription Email this News Bulletin to an associate.
NEWS BULLETIN

June 05, 2012 --- Vol. 18, No. 40June 2012

Shareholder lawsuit against BP board dismissed

An Alaska judge has dismissed a shareholder derivative lawsuit against BP directors and executives.

Some BP shareholders brought the suit in 2010 in state Superior Court. They alleged breach of fiduciary duties, negligence and gross mismanagement in connection with the Deepwater Horizon blowout in the Gulf of Mexico, pipeline leaks and other problems in BP’s North Slope operations, and the deadly explosion at BP’s Texas City refinery in 2005.

At an April 25 hearing in Anchorage, lawyers for the shareholders and the BP board argued over whether the case should continue. The board lawyers argued for dismissal.

Superior Court Judge pro tem Brian Clark agreed and dismissed the case with a two-page order signed June 4.

The judge cited the September 2011 dismissal of a similar suit in federal court in Houston, Texas.

—Wesley Loy

See story in June 10 issue, available at 11 a.m. Friday, June 8, at www.PetroleumNews.com

Print this story
Did you find this article interesting? Email it to an associate.
Petroleum News - Phone: 1-907 522-9469 - Fax: 1-907 522-9583
[email protected] --- http://www.PetroleumNews.com
S U B S C R I B E

CLICK BELOW FOR A MESSAGE FROM OUR ADVERTISERS.