BP ERISA Plan Legal News Articles & Interviews

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.

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.

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.

Pittsburgh, PA The BP oil spill that has had such a devastating effect in so many areas—from the environment to BP benefits—has prompted funds managers representing a collection of major portfolios with a combined asset value of an astonishing $2.7 trillion, to seek verification from major players in the oil industry as to their emergency response and risk oversight plans.

London, England The man who has been widely criticized for his handling of the Gulf of Mexico oil spill, Tony Hayward, will reportedly receive a BP pension worth $930,000 annually when he steps down as the oil company's chief executive.

Miami, FL Managers of company benefits plans have a duty to act in the best interests of plan participants. Lawsuits filed recently, however, allege that plan fiduciaries failed to prudently invest the assets of BP employee benefits plans and violated ERISA (Employee Retirement Income Security Act) laws.

Chicago, IL Even though BP Oil appears to have sufficiently capped the gushing oil well in the Gulf of Mexico, the larger crisis is far from over. Individuals who work for the oil company and partake in BP employee benefits but share no direct responsibility for the decisions that led to the oil spill face a financial crisis that will extend far beyond the immediate environmental dangers.

New Orleans, LA From fisherman to tourism operators, the oil spill in the Gulf of Mexico has affected the livelihood of many, but it also hurt a not-so-obvious group of people: individuals with BP ERISA plans.

New York, NY BP faces lawsuits not only from those who suffered losses of income as a result of the Gulf of Mexico oil spill, but also from BP employees alleging that BP benefits plan fiduciaries violated the Employee Retirement Income Security Act (ERISA).

New York, NY Members of the BP Plc employee savings plan are suing over financial losses resulting from the company's plummeting share price in the wake of the BP oil spill disaster.