A somewhat overlooked U.S. Supreme Court decision from last month has breathed new life into claims that BP plc mismanaged employee stock ownership programs (ESOPs) that plummeted in value after the 2010 Deepwater Horizon oil spill.
In a decision issued on Tuesday, the U.S. Court of Appeals for the Fifth Circuit revived a class action alleging that BP breached fiduciary duties to ESOP participants by overinvesting in company stock. The Fifth Circuit based its decision on Fifth Third Bancorp v. Dudenhoeffer, a 9-0 Supreme Court decision from June 25 that gutted an important defense to investor class actions brought under the Employee Retirement Income Security Act (ERISA).
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
