On June 2, 2016, BP announced that it had settled a securities class action suit for $175 million over its role in the Deepwater Horizon disaster. This pool combined with the $525 million SEC Fair Fund established earlier this year provides $700 million in relief to BP investors.
Both cases resulted from the Deepwater Horizon explosion April 20, 2010. Eleven people were killed and nearly 5 million gallons of oil leaked into the Gulf. As with the SEC case, investors in this civil action allege that BP violated federal securities laws by misrepresenting the rate at which oil was flowing into the Gulf after the explosion. As a result, the class period does not begin on April 20, but on April 26, 2010 and ends on May 28, 2016. (The SEC Fair Fund ends on May 26, 2010.)
Also of note: several groups of investors filed a shareholder actions in the Netherlands against BP over the Deepwater Horizon spill, but that case was dismissed on September 28, 2016. The court found that this suit, which had been open to investors outside the Netherlands, lacked jurisdiction to pursue the claims since the spill did not happen on Dutch territory and lacked any underlying claims directly relevant to Dutch law.
The deadline for the BP SEC Fair Fund has passed, but the securities deadline is due on April 1, 2017. CCC will be filing for all of our eligible clients and of their eligible accounts. If you think you may have a claim in either litigation, please contact us soon! We'll be happy to help you recover funds in this settlement, and in any other securities class action settlement for which you are eligible.