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Frenkel & Frenkel Blog in Dallas, Texas

Category: Workplace Petitions

BP Employees May File Lawsuits Over Retirement Losses

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.

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