A group of state pension funds sued BP in federal court in Texas Friday for making misleading public statements about the Deepwater Horizon accident and oil spill.
Pension funds for public employees in Louisiana, Maryland and Texas alleged that BP’s misleading statements defrauded investors.
BP now faces securities lawsuits filed by 20 institutional investors, according to Reuters.
U.S. District Judge Keith Ellison of Houston ruled in earlier BP pension cases that the funds could proceed in court to prove their cases, NOLA.com said.
Attorneys representing the Louisiana State Employees’ Retirement System, known as LASERS, the Teacher Retirement System of Texas, and the securities firms ING IM Funds, ABP and Norges Bank, filed their suit in Houston on Friday.
They held BP shares between February 7, 2007 and June 25, 2010.
The Deepwater Horizon platform exploded in April 2010.
“That suit contends that BP had informed stockholders that it had pledged to become a safer company after a report critical of the company’s safety record in 2007 by an independent blue ribbon commission engaged by BP that was headed by former U.S. Secretary of State James Baker III,” NOLA.com said.
“In truth, however, BP failed to institute the safety reforms advocated by the Baker Panel,” the suit said.
The pension funds and other plaintiffs was BP to pay for losses they sustained plus interest and punitive damages, NOLA.com said.