US Supreme Court rejects appeal in shareholder suit against BP

US Supreme Court rejects appeal in shareholder suit against BP
The US Supreme Court declines a request from shareholders seeking to revive their class action lawsuit against BP claiming the British oil company misrepresented its safety procedures prior to the 2010 Gulf of Mexico oil spill.

Reuters

ASHINGTON, May 2 (Reuters) - The U.S. Supreme Court on Monday declined a request from shareholders seeking to revive their class action lawsuit against BP claiming the British oil company misrepresented its safety procedures prior to the 2010 Gulf of Mexico oil spill.

The court left in place a September 2015 ruling by the New Orleans-based 5th U.S. Circuit Court of Appeals that refused to certify the lawsuit filed by investors who bought shares in the 2-1/2 years before the spill. BP's share price plummeted after the disaster that has cost the company more than $55 billion.

(Reporting by Lawrence Hurley; Editing by Will Dunham)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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