Syracuse, NY - State Comptroller Thomas DiNapoli announced today that the state pension fund will file a class action suit against BP because of the oil spill in the Gulf of Mexico. DiNapoli, as trustee of the $132.6 billion New York State Common Retirement Fund, which held shares of BP, hired the law firm of Cohen Milstein Sellers & Toll...
Syracuse, NY - State Comptroller Thomas DiNapoli announced today that the state pension fund will file a class action suit against BP because of the oil spill in the Gulf of Mexico.
DiNapoli, as trustee of the $132.6 billion New York State Common Retirement Fund, which held shares of BP, hired the law firm of Cohen Milstein Sellers & Toll to file the suit.
“It’s my duty to protect the interests of the fund and the retirees and employees who rely on it,” DiNapoli said. “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.”
DiNapoli said he is seeking to lead the class action against BP to give the fund and other investors their best chance at recovering damages sustained from the decline in shareholder value subsequent to the Deepwater Horizon explosion and oil spill. DiNapoli said the fund held more than 19 million shares of BP when the spill began.
The state pension fund provides benefits to more than one million active and retired state and local government employees.