This blog post has been edited. It was originally posted on Nov. 19, 2014. Facts of this case may have developed or changed since the original post date. Settlements/verdicts may have been reached or are in progress.
Category: Workplace Petitions
A New Orleans appellate judge rejected United States District Judge Keith Ellison’s 2012 decision denying employees the right to file lawsuits for millions of dollars lost in their retirement plans after the 2010 Gulf of Mexico oil spill. The court cited a recent Supreme Court ruling as their reason for overturning Judge Ellison’s decision. Retirement Fund Losses According to lawsuit documents, plan managers knew or should have known that investing in BP shares were not prudent. Shares of BP stock dropped more than 40 percent after the worst offshore oil spill in history and many have still not recovered the value lost.