NEW YORK, June 23 (Reuters) - New York state's pension fund plans to sue BP Plc to recover losses from the drop in the company's stock price following the worst oil spill in U.S. history, Comptroller Thomas DiNapoli said on Wednesday.
New York's Common Retirement Fund has a long history of serving as the lead plaintiff in shareholder lawsuits. DiNapoli said the fund owned more than 19 million shares when the Deepwater Horizon rig exploded in the Gulf of Mexico in April.
DiNapoli, the sole trustee of the $132.6 billion state pension fund, has hired law firm Cohen Milstein Sellers & Toll to represent the fund.
'BP misled investors about its safety procedures and its ability to respond to events like the ongoing oil spill and we're going to hold it accountable,' said the comptroller, a Democrat, who stands for election in November.
Spokesmen for other states, such as Virginia, Maryland and New Jersey, Illinois and Ohio, and for New York City, were not immediately available to say whether they would also sue BP to recoup any investment losses.
On Monday, a coalition of eleven East Coast states told the oil giant they will hold the company responsible for any losses caused by its still-growing oil spill in the Gulf. For details, see
(Additional reporting by Lisa Lambert in Washington, D.C. and Karen Pierog in Chicago; editing by Jeffrey Benkoe)
(Reporting by Joan Gralla; Editing by Chizu Nomiyama) Keywords: NEWYORKSTATE BP/ (Reuters Messaging: joan.gralla.reuters.com@reuters.net; +1-646-223-6300) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
New York's Common Retirement Fund has a long history of serving as the lead plaintiff in shareholder lawsuits. DiNapoli said the fund owned more than 19 million shares when the Deepwater Horizon rig exploded in the Gulf of Mexico in April.
DiNapoli, the sole trustee of the $132.6 billion state pension fund, has hired law firm Cohen Milstein Sellers & Toll to represent the fund.
'BP misled investors about its safety procedures and its ability to respond to events like the ongoing oil spill and we're going to hold it accountable,' said the comptroller, a Democrat, who stands for election in November.
Spokesmen for other states, such as Virginia, Maryland and New Jersey, Illinois and Ohio, and for New York City, were not immediately available to say whether they would also sue BP to recoup any investment losses.
On Monday, a coalition of eleven East Coast states told the oil giant they will hold the company responsible for any losses caused by its still-growing oil spill in the Gulf. For details, see
(Additional reporting by Lisa Lambert in Washington, D.C. and Karen Pierog in Chicago; editing by Jeffrey Benkoe)
(Reporting by Joan Gralla; Editing by Chizu Nomiyama) Keywords: NEWYORKSTATE BP/ (Reuters Messaging: joan.gralla.reuters.com@reuters.net; +1-646-223-6300) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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