BP woes continues
South Yorkshire Pensions Authority, Skandia Global Funds and GAM Fund Management have reportedly filed common fraud, statutory fraud and negligent misrepresentation lawsuits in the state of Texas against BP according to reports. The investors claim that they would never have paid top dollar for the firm’s shares had they ‘known the truth’.
The investors believe that BP and its then CEO Tony Hayward were involved in a cover-up, both in the years prior to the spill and following the disaster itself. They allege that BP’s ‘safety first’ policy was never as robust as the oil giant claimed, and that efforts were made to conceal the size of the oil spill, and downplay ‘the degree of BP’s likely responsibility for the catastrophe’.