July 15 (Bloomberg) — BP Plc employees can sue managers of the company's retirement savings plan over losses related to the 2010 Gulf of Mexico oil spill, a U.S. appeals court said.
The New Orleans-based appellate court today, citing a recent Supreme Court ruling, rejected Houston U.S. District Judge Keith Ellison's 2012 decision denying claims for millions of dollars in losses suffered by the plans.
The suits questioned plan managers' investment in BP's shares, which dropped more than 40 percent after the worst offshore spill in U.S. history and still haven't completely recovered in value.
The plan managers "knew or should have known, based on a variety of sources, that BP shares were not a prudent investment," the workers alleged in their complaints.
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