ISH oil giant BP is facing legal proceedings from a raft of institutional investors, who claim that BP misled them over its safety policies around the time of the Deepwater Horizon disaster in April 2010.
Around 20 investors, including six from the UK, are suing the oil major under Texan law for statutory fraud and negligent misrepresentation. US law firm Pomerantz is dealing with around 13 UK and EU investors – including the South Yorkshire Pension Authority, GAM Fund Management and Skandia – as well as several US state pension funds over complaints relating to the energy behemoth.
The funds allege that they lost substantial sums as a result of BP’s “misleading statements” regarding its “safety first” campaign, designed to show that the oil major cared about more than just profits.
Pomerantz added that the claims were likely to total tens of millions of dollars.
The period relates to the time around the Deepwater Horizon disaster where BP’s share price halved, wiping billions of pounds off the value of UK pension funds.
BP declined to comment.