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Edited on Thu Jun-24-10 04:36 PM by Poll_Blind
Source: 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, state 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 Democratic comptroller, who will stand for election in November in the race for New York comptroller.
Dennis MacKee, spokesman for the $104 billion Florida state pension system -- one the largest in the United States -- said: "We're monitoring the lawsuit and all developments," adding, "but we have not come to any decision."
Read more: www.reuters.com/article/idUSTRE65N62C20100624?type=domesticNews
Much much more at the link. Why I posted this is it is one of the second batch of dominos that are starting to fall and I think it signals the beginning of the end of BP nomatter what.
Ultimately I fear, and I don't think this is a controversial or surprising viewpoint, that BP will go down for the count soon and there will be only a fractional amount of assets to pay for the damage they've caused as well as damage from lawsuits. Even if the relief wells can stop the damage from the gusher, the financial fallout has probably signed the company's death warrant.
"They" will pull the money and assets out of BP and just stick them into another reckless company.
Rince, repeat.
There is no way out of this that I can even remotely see that doesn't involve ground-breaking legislation.
PB
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