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New York, Ohio Pension Funds File Suit Against BP

By Dave Lucas


Albany, NY – Public pension funds in Ohio and New York are looking to take a lead role in a class action lawsuit against BP. Capital District Bureau Chief Dave Lucas reports.

Late Tuesday, the New York State Comptroller's office filed petitions to be designated, along with the State of Ohio, as co-lead plaintiffs in a class-action lawsuit against BP for losses and damages suffered due to statements made by BP regarding safety and operational procedures to safeguard against the type of oil spill that ocurred in the Gulf of Mexico.

The New York and Ohio pension funds have invested a combined $275 billion in the troubled oil company. Whalen notes that the funds lost $229.4 million in BP investments. Forbes.com notes that the states won't be using their own lawyers on this one: they've hired what are described as "politically powerful law firms" - Berman DeValerio Pease and Cohen Milstein Sellers & Toll, both big donors to the Democratic Party. A hearing is scheduled for August 11. BP faces more than 300 lawsuits arising from the April 20 explosion that led to the spill, including at least 10 filed on behalf of investors.BP did not immediately return a call seeking comment.

The case is Ludlow v. BP Plc, 6:10-cv-00818, U.S. District Court, Western District of Louisiana (Lafayette).