With all the recent strum and drang in the New Orleans multidistrict tort litigation over the Deepwater Horizon Gulf oil spill, it’s been more than six weeks since we’ve checked in on the other big BP litigation: the Houston MDL, in which Houston federal district court judge Keith Ellison is overseeing seven consolidated class actions involving securities, derivative, and ERISA claims stemming from the spill.
On Monday the Houston MDL made it back into the headlines, courtesy of a 182-page consolidated class action complaint against BP and 10 current and former executives. The lead securities class action plaintiffsOhio and New York state pension fundsallege that BP made knowingly false and misleading statements about its safety commitments and clean-up efforts before and during the spill. Those misstatements, the plaintiffs claim, led to catastrophic losses for investors who bought BP common shares and American Depository Receipts from Jan. 16, 2007 through May 28, 2010.
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