NEW YORK, April 26 New York City said on Friday
it sued BP Plc for more than $39 million of losses it
claims beneficiaries of the city's pension funds sustained due
to BP's "misconduct and fraudulent behavior" linked to the 2010
Deepwater Horizon oil spill.
"BP failed to disclose to shareowners the serious risks
involved in its offshore drilling operation," Comptroller John
Liu said. "After the spill began, it misleadingly attempted to
minimize the extent of the damage and the cost to shareowners."
The lawsuit, filed in the Southern District of New York,
alleges BP failed to disclose facts about the dangers involved
in offshore drilling operations, the extent of the leak and the
estimated cost of the cleanup costs.
BP declined to comment on New York's lawsuit.
"The estimated transactional investment losses to City
pension beneficiaries caused by BP's misconduct and fraudulent
behavior exceed $39 million," the Comptroller's office said in
the news release.
BP's New York-traded stock was down 0.1 percent at
$42.2 after the news, about in line with the overall market. The
broad based S&P 500 was down 0.2 percent.
The 2010 disaster in the Gulf of Mexico killed 11 rig
workers and spilled 4 million barrels of oil in the worst
offshore spill in U.S. history.
BP has estimated it could spend more than $42 billion to
cover clean-up, fines and other liabilities. It has been selling
a variety of assets to help cover its costs.
A trial for direct damages related to the spill got underway
in February. The trial is being held with no jury before Judge
Carl Barbier at federal court in New Orleans.
A U.S. civil trial has already been set for August 2014,
regarding accusations that BP committed fraud by misleading
shareholders before and after the 2010 Gulf of Mexico oil spill
about its ability to respond to the accident.