AG Gansler Files Suit Against BP for Investment Losses Following Deepwater Horizon Explosion and Oil Spill
Company alleged to have made false and misleading statements about commitment to safety reforms, oil spill prevention and response capabilities
Baltimore, MD (April 18, 2014) - Attorney General Douglas F. Gansler announced that his office is filing a lawsuit today in the U.S. District Court for the Southern District of Texas against BP plc., for allegedly making false and misleading statements regarding its commitment to safety reforms and oil spill prevention and response capabilities, which led to investment losses by the Maryland State Retirement and Pension System following the April 2010 Deepwater Horizon explosion and oil spill.
"The Deepwater Horizon oil spill not only claimed the lives of 11 people and caused the largest environmental disaster in U.S. history, it also resulted in millions of dollars in investment losses sustained by Maryland's pension system," said Attorney General Gansler. "Maryland taxpayers should not have to pay the price for BP's failure to prevent and swiftly respond to this tragedy."
The lawsuit covers investments of BP ordinary shares purchased on the London Stock Exchange and American Depository Shares acquired between November 8, 2007 and April 26, 2010.
The public pension system administers retirement and pension benefits for more than 382,000 retirees, beneficiaries and current state employees. The $44 billion system covers teachers, state employees, law enforcement personnel, legislators, judges, and many local employees.