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New York State Joins BP Lawsuits

Wednesday, June 23, 2010

New York state has joined the growing number of lawsuits against BP over the oil spill in the Gulf of Mexico. State Comptroller Thomas DiNapoli announced he is seeking to lead a class action lawsuit against the oil giant to recover losses to the state's retirement fund after the company's stock price plummeted as a result of the spill.

The state's nearly $133 billion retirement fund for active and retired government employees held over 19 million shares of BP in April when the oil began to gush into the Gulf. DiNapoli said BP "misled investors about its safety procedures and its ability to respond."

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