Petroleum Mishaps Lawsuit

BP settles $9.75 million mis-management suit.

Petroleum Mishaps

New York, NY: (Mar-05-08) A lawsuit against BP PLC, launched by US shareholders, alleges that the company’s mismanagement led to a series of mishaps in the US. The suit, brought by two BP shareholders, the London Pensions Fund Authority and Unite Here’s pension fund, began in October 2006, naming the company and its executives as defendants.

The mishaps referred to a Texas City, TX, refinery blast that killed 15 workers in 2005, a partial shutdown of an Alaska pipeline in 2006 and a federal investigation into alleged propane price manipulation.

Company sources confirmed that the parties had reached a settlement in the case, in which BP PLC agreed to resolve the Alaska suit with a $9.75 million payout to the plaintiffs to cover lawyers’ fees and costs. Additionally, as part of the deal, the British oil company also agreed to allow tighter oversight by its largest investors and further agreed that ex-Chief Executive John Browne will permanently waive rights to certain termination benefits, which had been frozen last year. [CNN MONEY: BP SETTLES ALASKA COURT CASE]

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