STRS makes the WSJ!

From John Curry, July 21, 2010

[View article here.]

Pension Funds Hope to Lead BP Suit

Wall Street Journal, July 21, 2010
By NATHAN BECKER

Public pension funds in New York and Ohio have said they hope to be the lead plaintiffs in what could be a class-action lawsuit against BP PLC, whose share price has plummeted because of its months-long oil spill in the Gulf of Mexico.
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The funds allege that BP, the oil giant in which they had invested, made "false and misleading statements" about its safety protocols and record, as well as its ability to respond to a major oil spill—causing its stock to trade at "artificially inflated prices," according to a news release.

Public pension funds in New York and Ohio have said they hope to be the lead plaintiffs in what could be a class-action lawsuit against BP. Journal Community More U.S. Drills Into BP as Drama Drags On BP Sells Assets | BP Says Photo Altered BP's live feeds | Complete Coverage Financial Impact Weighs on BP The funds filed documents Tuesday in U.S. District Court in the Western District of Louisiana requesting that two cases with similar issues and any other similar actions be consolidated.

A spokesman for BP said the company doesn't comment on lawsuits.

When the Deepwater Horizon rig exploded in the Gulf of Mexico in April and a massive oil leak ensued, BP's stock dropped sharply. Its American depositary shares are down about 40% over the past three months. The company has only recently been able to stanch the flow of oil into the Gulf.

The group of funds, which invest more than a combined $275 billion, say BP "misled investors with false and misleading statements about the safety of its drilling operations and its ability to fix events like the oil spill," said New York State Comptroller Thomas DiNapoli.

The funds say they have lost more than $200 million from their transactions in BP between June 30, 2005, and June 1, 2010.

The New York State Common Retirement Fund, one of the funds that is part of Wednesday's announcement, had announced plans to sue the company in June. The Ohio funds consist of the Ohio Public Employees Retirement System, the State Teachers Retirement System of Ohio, the School Employees Retirement System of Ohio and the Ohio Police & Fire Pension Fund.

In afternoon trading Wednesday on the New York Stock Exchange, BP's American depositary shares were up 2.6% to $36.10.

Write to Nathan Becker at nathan.becker@dowjones.com