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New York State pension fund mulling BP lawsuit

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  • New York State pension fund mulling BP lawsuit

GLOBAL - The New York State Common Retirement fund, one of the largest pension funds in the US, is looking into the possibility of filing a lawsuit against BP for recklessness.

According to a report by the Wall Street Journal (WSJ), Robert Whalen, spokesman for state Comptroller Thomas DiNapoli, said: "We've been looking at all the options we have available, including potential litigation.

"We want to make sure if there was negligence or recklessness we are made whole appropriately."

A class-action lawsuit is one of the options under consideration, the WSJ said.

New York officials have estimated BP's plummeting share price has cost the $133bn (€107bn) state pension fund more than $30m since one of the oil giant's offshore drilling rigs in the Gulf of Mexico exploded on 20 April.

The New York State Common Retirement fund currently owns more than 17.5m BP shares.
 

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