Once again AG Cordray fights for pensioners

From John Curry, July 21, 2010

http://www.daytondailynews.com/blogs/content/shared-gen/blogs/dayton/ohiopolitics/entries/2010/07/21/ohio_ny_pension_funds_seeks_re.html

Ohio, NY pension funds seek recovery from BP

By William Hershey | Wednesday, July 21, 2010,

Pension funds in Ohio and New York on Wednesday, July 21, announced that they’re seeking lead plaintiff status in a securities class action lawsuit against BP and the British company’s officers and directors.

In filing in U.S. District Court in Louisiana, attorneys for the states’ funds said that the funds lost from $181 million to $229.4 million from BP investments.

The filing comes with efforts continuing to contain and fix the spill at BP’s well in the Gulf of Mexico.

“Institutional investors and the Ohio funds in particular have been greatly harmed by BP’s alleged misconduct,” Ohio Attorney General Richard Cordray said in a press release.

“By forming a partnership between Ohio and New York, we aim to compensate investors for what we believe was securities fraud and effect real change in the way BP and other companies do business.”

The group seeking seeking lead plaintiff status includes: the Ohio Public Employees Retirement System; the State Teachers Retirement System of Ohio; the School Employees Retirement System of Ohio; the Ohio Police & Fire Pension fund and the New York State Common Retirement Fund.

The combined funds invest more than $275 billion, the press release said.

The funds alleged that BP made materially false and misleading statements about the company’s safety protocols and record as well as the ability to respond to a major oil spill.

BP is working on a response, a spokesperson said.