On February 13,
2012, the Hon. Keith Ellison, federal district court judge for the Southern
District of Texas, ruled on motions to dismiss filed by several British
Petroleum ("BP") entities and individual defendants who have been
sued for securities fraud. The gravamen of investors' claims...
N EW ORLEANS - (Mealey's)
BP PLC announced on Nov. 15 that it would plead guilty to a dozen felony
charges brought by the federal government and pay $4.5 billion in penalties
over its involvement in the explosion of the Deepwater Horizon oil rig and
ensuing oil spill in the Gulf of Mexico.
The SEC filed a settled insider trading action against an employee of BP p.l.c. tied to the Deepwater Horizon oil spill in 2010. Specifically, the Commission claims that Keith Seilhan had material non-public information regarding the severity of the spill that had not been disclosed at the time he sold...