Funds Sue BP for Hiding Truth Over Safety

U.K. oil and gas company BP PLC is being sued for millions of dollars in the U.S. by institutional investors who say it misled them over safety policies and details over the scale of the oil spill in the Gulf of Mexico, reports U.K. newspaper The Daily Telegraph, without citing sources.

Six investors including South Yorkshire Pensions Authority, Skandia Global Funds and GAM Fund Management say they wouldn't have bought shares in the company at the price they did ahead of the accident "had they known the truth," reports the newspaper.

BP was unavailable for immediate comment.

Copyright (c) 2012 Dow Jones & Company, Inc.

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