Posted: Jul 21, 2010 2:40 PM by Melissa Canone
NEW ORLEANS (AP) - Public pension funds in New York and Ohio
want to be the lead plaintiffs in suits alleging BP PLC inflated
its stock price by hiding information about its safety practices
before the Gulf of Mexico oil spill.
Several lawsuits have been filed in U.S. District Court in New
Orleans against the oil company by individual investors and the
Oklahoma police pension system. On Wednesday, the New York and Ohio
pension funds joined in.
The suits, seeking class-action status, also allege BP falsely
told investors it could control the oil spill.
Since the BP-leased rig Deepwater Horizon exploded on April 20,
BP shares have shed about 40 percent of their value and the company
has suspended its dividend.
BP did not immediately respond to a request for comment.