Litigation

Transportation Authority Sues BP, Officers Over Pension Fund Losses

WILMINGTON, Del. - The Southeastern Pennsylvania Transportation Authority (SEPTA) on May 21 sued BP, its subsidiaries, its officers and its partners in the Deepwater Horizon oil drilling project for losses on BP stock in its pension fund since the massive Gulf of Mexico oil spill after the rig's explosion (Southeastern Pennsylvania Transportation Authority, et al. v. Anthony B. Hayward, et al., No. CA5511-CC, Del. Chanc.).

Since the April 20 explosion that killed 11 people and injured 17, BP's stock price has fallen about 25 percent, wiping out about $40 billion of BP's market value, according to the complaint filed in Delaware Chancery Court. It said attempts to stop the spill have cost BP $6 million a day.

SEPTA holds about 70,121 shares of BP ADS, equal to about 420,726 of ordinary BP shares, according to the complaint, which accuses the companies and its overseers with being negligent.

Defendants include BP CEO Anthony B. Hayward, company officers and directors, Transocean, Cameron International Corp., Halliburton, BP plc, BP America Inc., BP Company North America Inc. and BP Exploration and Production Inc.

SEPTA is represented by Pamela S. Tikellis, Robert J. Kriner Jr., Scott M. Tucker and Meghan A. Adams of Chimicles & Tikellis of Wilmington.

Download the complaint.

Lexis.com subscribers can find more Deepwater Horizon-related filings here.  If you do not have a lexis.com ID, you can get information on how to subscribe here.