Posted in: BP, Compliance, Fatality, In this week's e-newsletter, Latest News & Views, Lawsuits
It’s been more than two years since the explosion at a BP rig in the Gulf of Mexico killed 11 workers and caused the worst offshore oil spill in U.S. history. The potential consequences for BP continue to pile up, as a new lawsuit shows.
Investment groups that bought BP shares on the London Stock Exchange before the rig explosion filed a lawsuit in a Texas court alleging fraud on the part of the oil giant.
“These ‘safety first’ statements were materially false and misleading,” the lawsuit says, also claiming the oil company was “sacrificing safety for savings.”
Legal documents filed in Texas show numerous times when BP publicly professed its commitment to safety between 2007 and 2010.
The suit doesn’t mention a specific dollar amount for damages, but lawyers for the claimants say it’s likely to be in the tens of millions of dollars.
Other investors may also join the lawsuit.
The April 2010 explosion sent 4.9 million barrels of crude oil into the Gulf of Mexico.