Tuesday, May 25, 2010

Lawsuit against BP filed in Alaska

JUNEAU - BP stockholders have filed a lawsuit in Alaska against top BP executives claiming that "gross mismanagement" has tarnished the company's reputation and hurt its value.
The lawsuit, filed in Superior Court in Anchorage on May 20, alleges the BP officials did not take the necessary steps to ensure compliance with safety rules and environmental safeguards. It cites cases including April's oil rig explosion in the Gulf of Mexico and concerns that U.S. lawmakers raised earlier this year about BP operations on Alaska's North Slope.
The lawsuit seeks unspecified damages, and appointment of an "independent corporate monitor" to implement safety and environmental
compliance measures.
Named defendants include BP Chief Executive Tony Hayward and members of BP's board of directors.
The state of Alaska is currently suing BP for $1 billion over a crude oil spill on the North Slope.

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