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ERISA Stock-Drop Case Against BP Fiduciaries Is Dismissed

HOUSTON - Participants in BP's retirement plans failed to overcome the presumption that the plans' investment in company stock was prudent, even after the Deepwater Horizon explosion and uncontained oil spill, a federal judge in Texas ruled March 30 in dismissing the participants' breach of fiduciary duty claims under the Employee Retirement Income Security Act (In re: BP p.l.c. ERISA Litigation, No. 4:10-cv-4214, S.D. Tex.; 2012 U.S. Dist. LEXIS 44801).
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