Wednesday, June 23, 2010

New York State Sues BP

NOAA Gulf oil spill map shows deadly oil plume moving closer to St. Petersburg, Florida

As noted in The New York Times, even the frantic preparations to protect the most vulnerable coastlines likely will not prevent devastating harm to key species as the Gulf of Mexico oil spill hits shore.

New Yorkers need not worry that the seafood on their dinner plates has been contaminated by the Gulf Coast oil slick, according to what fish industry experts say.

New York State Comptroller Thomas P. DiNapoli, as trustee of the $132.6 billion New York State Common Retirement Fund (Fund), announced today that he has hired the law firm of Cohen Milstein Sellers & Toll PLLC to represent the Fund in a class action against BP Plc. DiNapoli said the Fund will seek lead plaintiff status in the action that stems from BP’s disastrous Deepwater Horizon explosion and oil spill in the Gulf of Mexico in April.

“It’s my duty to protect the interests of the Fund and the retirees and employees who rely on it,” 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.”

DiNapoli said he is seeking to lead the class action against BP to give the Fund and other investors their best chance at recovering damages sustained from the decline in shareholder value subsequent to the Deepwater Horizon explosion and oil spill. DiNapoli said the Fund held more than 19 million shares at the time of the event.

The Fund provides benefits to more than one million active and retired state and local government employees, police officers, and firefighters. In addition to investment earnings, the Fund is funded by contributions by state and local government employers and employees.
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