BP Employee Benefits

BP employees who participated in BP employee benefits plans may be eligible to file an ERISA (Employee Retirement Income Security Act) lawsuit alleging BP violated ERISA laws. BP stock reportedly lost a huge portion of its value since the Deepwater Horizon oil rig exploded and sank, leaking oil into the Gulf of Mexico. Lawsuits have been filed alleging employee benefit plans of other companies with investments in BP stock have lost money.

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BP Employee Benefits Plan

An investigation has been launched into whether BP employee benefit plan fiduciaries acted in the best interests of plan participants. Under ERISA, plan fiduciaries—those responsible for investing a plan's assets—have a duty to act in the best interest of plan participants. That includes prudently investing plan assets. If it is shown that fiduciaries of BP employee plans knew or should have known about problems with the company's safety or environmental controls and still invested plan assets in company stock, those fiduciaries may be guilty of breach of fiduciary duty.

Some reports indicate that BP's stock lost approximately half its value since the Gulf of Mexico oil spill, causing potential hardship for people with accounts in BP's 401(k) plan, especially if those people are nearing retirement.

BP Oil Spill

April 20, 2010 was the first day of a massive oil spill in the Gulf of Mexico. Eleven men are presumed dead following an explosion on the Deepwater Horizon oil rig. A reported 5,000 barrels of oil a day leaked into the Gulf of Mexico before BP could put protections in place to siphon off some of the oil leaking nearly one mile below the ocean surface.

BP ERISA Lawsuit

One lawsuit has been filed on behalf of participants in the City of New Orleans Employees' Retirement System. According to court documents, plaintiffs allege, "The failure of the BP Board of Directors and certain officers of BP to comply with their fiduciary duties and the improper conduct of the other defendants has caused the worst oil spill in the history of the United States." The plaintiffs further allege that BP defendants ignored crucial safety issues and did not reform the company's safety record, despite fatal accidents.

"Following the disaster [the oil spill], BP's stock price has dropped by approximately 40 percent, wiping out around $75 billion of BP's market value, through Tuesday June 1, 2010," the lawsuit alleges.

Now, BP may face a second lawsuit, this one filed by BP employees who are participants in the company's 401(k) plan.

BP Employee Plan Legal Help

If you or a loved one has suffered damages in this case, please click the link below and your complaint will be sent to a lawyer who may evaluate your claim at no cost or obligation.

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Last updated on Sep-4-10

BP ERISA PLAN ARTICLES AND INTERVIEWS

$363 Million Raised Through Sale of BP Oil Stock

London, England: British Petroleum recently sold a significant portion of BP oil stock, raising $363 million to help clean up the Gulf of Mexico oil spill [READ MORE]

BP ERISA: What Effect Do These Lawsuits Have on Employee Benefits Plans?

Montgomery, AL: Although the oil well may be drying up, legal fallout from the BP oil spill, including lawsuits regarding BP employee benefits, show no signs of slowing down. Lawsuits have been filed on behalf of participants in BP benefits plans, alleging their plan assets were invested in BP when it was not prudent to do so. Meanwhile, a number of lawsuits have been filed against BP concerning the Gulf of Mexico oil spill [READ MORE]

BP Securities and BP Employee Plan Lawsuits Headed For Houston

Houston, TX: While a host of consolidated BP lawsuits target the Gulf of Mexico oil spill, damage to property and loss of income and livelihood, another basket of lawsuits will likely be consolidated under a separate multidistrict litigation: those that represent investors and BP employees who have suffered losses in BP stock and employee benefits [READ MORE]