Thursday, 25 August 2016
Last updated 7 hours ago
Jul 17 2013 | 10:02am ET
Investors—led by the pension funds of U.S. Virgin Islands retirees and including over 100 hedge funds—have been given the green light to sue BP partner Anadarko Petroleum Corporation for misleading them about its role in the 2010 Deepwater Horizon oil spill.
Although U.S. District Judge Keith P. Ellison in Houston dismissed most of the investors’ allegations yesterday, he found they had sufficient reason to sue Anadarko for attempting to downplay its involvement with BP's Macondo well.
Anadarko “expressly approved and funded a series of extremely risky decisions made in connection with drilling the well,” the investors said in court filings, and those decisions “contributed directly to the disaster.”
The investors have filed a class action securities fraud suit seeking billions of dollars of lost share value.
Anadarko, which held a 25% stake in BP, saw its shares tumble from $73.94 on April 20, 2010 to $34.83 on June 9, 2010, a loss of $19.3 billion in market capitalization, according to shareholders.