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10 Feb 2012

Jonathan Stempel, Insurance Journal

BP Wins Dismissal of Part of Investor Lawsuit Over Gulf Oil Spill

A U.S. federal judge dismissed a large part of a nationwide lawsuit accusing BP...and top executives of fraud for misleading shareholders before and after the 2010 Gulf of Mexico oil spill about the oil company’s ability to respond to an accident. U.S. District Judge Keith Ellison in Houston dismissed claims by purchasers of ordinary BP shares...[Judge] nonetheless refused to dismiss claims by the ADS investors against BP, former Chief Executive Anthony Hayward and former Chief Operating Officer for Exploration and Production Douglas Suttles, saying they had adequately pleaded violations of U.S. securities law...BP spokesman Scott Dean declined to comment.