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.
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