BP Must Face U.S. Suits by Foreign Investors, Judge Rules
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BP Plc, facing as much as $2.5 billion in claims by U.S. shareholders for lost stock value connected to the 2010 Gulf of Mexico oil spill, must fight suits by foreign investors seeking millions of dollars more, a judge ruled.
U.S. District Judge Keith Ellison in Houston said U.S. securities law doesn’t bar foreign investors who bought BP common shares on exchanges overseas from pursuing their claims under English law in his court. Ellison earlier allowed U.S. pension funds holding London shares the right to sue under British law.