Nation's No. 3 Pension Fund Sues BP

New York fund has lost $575M because of the spill
By Nick McMaster,  Newser Staff
Suggested by Fondue
Posted Jun 23, 2010 3:46 PM CDT
Nation's No. 3 Pension Fund Sues BP
In this June 13 file photo, oil collects on the water's surface near the site of the Deepwater Horizon oil spill in the Gulf of Mexico.   (AP Photo/Dave Martin, File)

(Newser) – New York's public pension fund is suing BP over huge losses caused by the oil giant's plunging stock price, CNNMoney reports. The New York State Common Retirement Fund—the third-largest public pension fund in the country—claims in a class-action lawsuit to have owned 19 million shares when the spill occurred. BP's stock price has since fallen by 50%, equal to a loss of $574.6 million for the $132.6 billion fund.

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"BP misled investors about its safety procedures and its ability to respond to events like the ongoing oil spill, and we're going to hold it accountable," says the state comptroller.
(Read more Gulf oil spill stories.)

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