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Shareholder sues BP Executives over Gulf Oil Catastrophe

by René | May 10, 2010 at 02:12 pm

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Accused BP executives named in lawsuit by Pennsylvania shareholder.

....accuses them of pursuing cost-cutting measures at the expense of safety, while lobbying government authorities to decrease safety regulation. The lawsuit says the rig accident and the leak it caused will cost BP tens of billions of dollars.
The suit is a "shareholder derivative" suit, meaning it was filed by a shareholder on the company's behalf. Among other things, the lawsuit seeks court-ordered changes in BP's corporate governance, and an order that the executives pay monetary damages.

Three other corporations named in lawsuit, including Halliburton.

Executives to be held responsible for ignoring safety standards and making merely 'cosmetic changes' in the past.

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Barry ORegan

at 20:40 on May 13th, 2010

Guess just another spin on the war on oil, except now its on home turf. Someone has some splain"in to do thats for sure.

René

at 07:44 on May 14th, 2010

Barry, it seems that the shareholders who are suing want to make sure the top executives don't get away with their booty scot-free, as in other corporations recently bailed out.