{"id":1122,"date":"2012-09-08T16:45:31","date_gmt":"2012-09-08T16:45:31","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2012\/09\/mutual_funds_file_suit_against"},"modified":"2022-03-09T16:28:15","modified_gmt":"2022-03-09T22:28:15","slug":"mutual-funds-file-suit-against","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/mutual-funds-file-suit-against\/","title":{"rendered":"Mutual Funds File Suit Against BP for Violating Texas Statute Prohibiting Fraud in the Sale of Stock"},"content":{"rendered":"

\t\t\t\tA number of mutual funds are suing BP (BP) in Texas <\/a>for common fraud, negligent misrepresentation, and statutory fraud. They are contending that they wouldn’t have paid top price for the company’s shares if they’d known the “truth.” Plaintiffs include Skandia Global Funds, Yorkshire Pensions Authority, and GAM Fund Management.<\/p>\n

The institutional investors are claiming that they lost huge amounts of money because of misleading statements that BP made about having a priority ‘safety first’ policy and that the oil giant tried to mislead them about the true extent of the 2010 oil spill while downplaying the likely scope of its responsibility for the disaster, which killed 11 people and is now considered the worst offshore spill in our nation’s history. They believe that statements were made to make it seem as if: the leak wasn’t as widespread, BP didn’t do anything wrong to cause the tragedy, and “consequential damages were limited,” not only minimized the seriousness in the decline of BP’s stock price but also caused Plaintiffs to make the decision to buy more shares. The mutual funds are accusing BP executives of exhibiting a “reckless disregard” of what was actually happening and concealing that the oil spill was a lot bigger. <\/p>\n

The disaster began on April 20, 2010 when an explosion rocked the Deepwater Horizon, a drilling rig that was licensed to BP. Not only were lives lost, but also in two days, the rig, which sank, left an oil slick of five miles in its wake, with millions of gallons of crude oil spilling out before the well could be capped. Already, BP has put aside about $38 billion for lawsuits involving US authorities over civil claims related to the oil spill. (Criminal charges could be likely). <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

A number of mutual funds are suing BP (BP) in Texas for common fraud, negligent misrepresentation, and statutory fraud. They are contending that they wouldn’t have paid top price for the company’s shares if they’d known the “truth.” Plaintiffs include Skandia Global Funds, Yorkshire Pensions Authority, and GAM Fund Management. The institutional investors are claiming […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3750],"tags":[],"class_list":["post-1122","post","type-post","status-publish","format-standard","hentry","category-texas-securities-fraud"],"yoast_head":"\nMutual Funds File Suit Against BP for Violating Texas Statute Prohibiting Fraud in the Sale of Stock — Investor Lawyers Blog — September 8, 2012<\/title>\n<meta name=\"description\" content=\"A number of mutual funds are suing BP (BP) in Texas for common fraud, negligent misrepresentation, and statutory fraud. 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