This time? New York Has Entered the Fray.
UPDATE 3-New York pension fund to sue BP for investment losses
[Snip]
June 23 (Reuters) - New York state's pension fund plans to sue BP Plc (BP.L) (BP.N) to recover losses from the drop in the company's stock price following the worst oil spill in U.S. history, state Comptroller Thomas DiNapoli said on Wednesday.
New York's Common Retirement Fund has a long history of serving as the lead plaintiff in shareholder lawsuits. DiNapoli said the fund owned more than 19 million shares when the Deepwater Horizon rig exploded in the Gulf of Mexico in April.
DiNapoli, the sole trustee of the $132.6 billion state pension fund, has hired law firm Cohen Milstein Sellers & Toll to represent the fund.
"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," said the Democratic comptroller, who will stand for election in November.
Dennis MacKee, spokesman for the $104 billion Florida state pension system -- one the largest in the United States -- said: "We're monitoring the lawsuit and all developments," adding, "but we have not come to any decision."
[/SNIP]
Wowsers! BP? Kiss your ass goodbye. The gravy train is on the road and guess who's on the menu?
UPDATE 3-New York pension fund to sue BP for investment losses
[Snip]
June 23 (Reuters) - New York state's pension fund plans to sue BP Plc (BP.L) (BP.N) to recover losses from the drop in the company's stock price following the worst oil spill in U.S. history, state Comptroller Thomas DiNapoli said on Wednesday.
New York's Common Retirement Fund has a long history of serving as the lead plaintiff in shareholder lawsuits. DiNapoli said the fund owned more than 19 million shares when the Deepwater Horizon rig exploded in the Gulf of Mexico in April.
DiNapoli, the sole trustee of the $132.6 billion state pension fund, has hired law firm Cohen Milstein Sellers & Toll to represent the fund.
"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," said the Democratic comptroller, who will stand for election in November.
Dennis MacKee, spokesman for the $104 billion Florida state pension system -- one the largest in the United States -- said: "We're monitoring the lawsuit and all developments," adding, "but we have not come to any decision."
[/SNIP]
Wowsers! BP? Kiss your ass goodbye. The gravy train is on the road and guess who's on the menu?
