Posted on 06/23/2010 10:18:08 AM PDT by SeekAndFind
The New York State Common Retirement Fund has sued BP over losses, according to preliminary wire reports. State comptroller Thomas DiNapoli, who is the fund trustee, announced he had hired Cohen Milstein Sellers & Toll PLLC to represent the Fund in a class action against BP Plc.
DiNapoli said he is seeking to lead the class action against BP to give the Fund and other investors their best chance at recovering damages sustained from the decline in shareholder value subsequent to the Deepwater Horizon explosion and oil spill. DiNapoli said the Fund held more than 19M shares at the time of the event.
Gulf states and many other groups have already sued BP. This development suggests that just about every state in the country will soon join the legal hunt.
Bloomberg reported this morning that 42 state pension funds lost nearly $300 million on BP stock.
(Excerpt) Read more at businessinsider.com ...
Descent into fascism is even more rapid than I thought.
Agreed.
Can I sue if the people I invest my money in, don’t make any?
When did investors get a guaranteed return?
Hrm....shouldnt they be suing Oduma and the DNC?
“Bloomberg reported this morning that 42 state pension funds lost nearly $300 million on BP stock.”
I hate to say this but Good! The Lefwing manufactured financial crisis left me with 10% of my holdings. Let state workers feel the pain.
Yes, I am venting. I am tired of paying for state workers to retire, get braces for their kids and go on vacation.
Can we all sue for losses in the stock market?
wow...
yes, bankrupt them...
then 0bama can get his own toxic waste suit and golf club to clean things up. We’ll just tell him it is a new kind of sand trap.
BP is under attack and might owe it to the creditors and stock holders to seek bankruptcy protection now . Maybe a plan reducing the amount of the slush fund , to an amount found to be appropriate by the court , like Zero. Liability upon a showing of fault and proximate cause of loss would be fine .
Lawfare, it’s what Obama and his rabid thugs are best at. Ask Governor Palin.
Shouldn’t they be suing Bush since the entire economy is his fault?
Just the preliminary step to raiding the $20 billion slush fund - to be okayed by Obama.
You have all the reasons to vent, and I agree with you 100%.
The problem is, however, that, when you allow the government the extreme control of private enterprises (the definition of fascism), they eventually come after your remaining 10%.
You are taking sides here, I am afraid, rather than stand on principle: the fact that bad people suffer together with the good does not make the action any more justifiable.
I am wondering too.
Although this is not a first. I remember California (I think) suing WorldCom and Ohio sued TimeWarner Cable ... for the same reasons.
Sorry, don’t remember the outcome of the suits.
Investing is risk bases. Now I do agree though ... poor or greedy management is no excuse for massive losses. management should be thrown in jail and forfeit benefits and pension and maybe even have their salary returned to the company for 12 months (at least).
BP is part of the same liberal fascist carbon trading cabal. Why do people keep acting like Obama and BP aren’t representing the same interests?
Yes you can, if the reason for your loss can be placed on the negligence and/or malfeasance of the company in which you invested or which handled your investments.See Pan American Airlines. It was once a rather large and profitable air carrier. The Lockerbie happened.
But, if you are a BP shareholder....YOU. ARE. BP! You are suing yourself! Anything you win from BP will be taken from your investment in BP.
This is different from personally suing management or the board to recover looted equity.
How many shares of the company did you have before the spill?
How many shares do you have now? Same number?
Next case.
Seems counterintuitive anyway. Since the holders of the stock are the owners of the company, how do the owners fo the company sue the company they own? I've heard of lawsuits against officers of a company for material misrepresentation of facts.
I guess I just can't understand how a lawsuit like this one can even go forward. What judge won't toss them out of court on their ear?
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