US - Officials at the New York State Common Retirement Fund have announced plans to lead a class action against BP over losses related to the massive oil spill in the Gulf of Mexico.
New York State comptroller Thomas DiNapoli (pictured), a trustee of the pension fund, said the scheme hired law firm Cohen Milstein Sellers & Toll to represent it in a class action. The New York CRF plans to seek lead plaintiff status.
DiNapoli said: "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."
The US$132.6bn pension fund held 19 million shares of BP when the Deepwater Horizon explosion struck.
A report earlier this week by Bloomberg showed 42 US pension funds had lost a combined $1.4bn from a decline in BP share value after the spill. (Global Pensions; June 22, 2010)
BP shares have declined 51% since the April 20 explosion.
BP spokesman Toby Odone declined to comment.
HMRC has confirmed providers operating relief at source pension schemes can continue to collect automatic tax relief at a basic rate of 20% under new Scottish Income Tax rules.
The Pensions Regulator (TPR) is seeking "improved" powers to set a schedule of contributions in defined benefit (DB) schemes in the government's upcoming white paper, it has revealed.
New regulatory rules which require providers and advisers to produce annuity illustrations will not solve the problem of consumer detriment as they are "fundamentally" flawed, according to Retirement Advantage.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.