BP shareholders drop Alaska appeal

BP shareholders who sued in Alaska following the Deepwater Horizon disaster have dropped their appeal to the state Supreme Court.

The shareholders had brought what’s known as a derivative action, suing on behalf of the company against BP board members and executives. They alleged mismanagement in connection with Deepwater Horizon, and with respect to pipeline leaks and other problems in BP’s Alaska North Slope operations.

After an Anchorage Superior Court judge on June 4 dismissed their case, the shareholders appealed to the state Supreme Court, saying the lower court erred and citing “BP’s continuing problems in Alaska.”

On Sept. 14, the shareholders moved to stay the appeal. Their attorney said the shareholders were “engaged in settlement discussions” with BP.

On Nov. 26, the Supreme Court dismissed the appeal at the joint request of the shareholders and counsel for BP, its board members and executives.

Court papers don’t reveal any terms for whatever settlement might have been reached in the matter.

—Wesley Loy