BP Wins U.S. Dismissal of Some Investors’ Derivative Suits
BP...convinced a federal judge that it shouldn’t have to face some lawsuits in the U.S. brought by institutional investors on behalf of the company over last year’s Gulf of Mexico drilling-rig explosion and oil spill. U.S. District Judge Keith P. Ellison in Houston agreed with BP’s arguments that the claims should be filed in U.K. courts because the company is based in London. Ellison said he may reverse this dismissal if English courts “refuse to accept jurisdiction” for reasons other than the plaintiffs’ failure to comply with procedural requirements. “Because this derivative lawsuit involves the internal governance of an English corporation, the convenience of the parties and the interests of justice favor England as a more convenient forum,” Ellison said...Investors sued BP claiming that the company’s management and board caused the spill by knowingly putting profits ahead of safety...Mark Lebovitch, a lawyer for the investors, said...” The plaintiffs are “reviewing their options” for a response to the dismissal...BP spokesmen Daren Beaudo declined to comment.