CASES
BP PLC ERISA
Summary of Case:
Scott+Scott, LLP Announces Investigation On Behalf of BP 401(k) Plan Participants
NEW YORK, NY (JULY 1, 2010) -- The law firm of Scott+Scott, LLP announces that it has launched an investigation into possible violations of the Employee Retirement Income Security Act of 1974 ("ERISA") by BP p.l.c. ("BP") (NYSE:BP) and fiduciaries of the BP Employee Savings Plan.
Specifically, Scott+Scott is investigating whether the fiduciaries for the BP 401(k) plan breached their fiduciary duties by continuing to offer and invest BP stock in the 401(k) plan when it was no longer prudent to do so.
On April 20, 2010, BP's Deepwater Horizon drilling rig exploded, resulting in the death of eleven BP employees and subsequent catastrophic oil spill that continues to date. Following the explosion, allegations emerged that BP cut costs and corners at the expense of personal and environmental safety. The consequences of this behavior may have negatively impacted the retirement savings of BP's 401(k) participants.
Scott+Scott is investigating whether the fiduciaries of the 401(k) plan knew or should have known of BP's cost cutting and safety record, including the conduct that led up to the Deepwater Horizon explosion.
If you have or have had an account with the BP Employee Savings Plan 401(k), and your account holds or held BP stock, you may have legal claims under ERISA. If you wish to discuss this investigation or have questions concerning this notice or your rights, please contact Scott+Scott (scottlaw@scott-scott.com; (800) 404-7770; (860) 537-5537 or visit the Scott+Scott website, http://www.scott-scott.com) for more information. There is no cost to you.
Scott+Scott has significant experience in prosecuting major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals and other entities worldwide.
Contact:
Scott+Scott LLP
(800) 404-7770
(860) 537-5537
scottlaw@scott-scott.com
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Source: Scott+Scott LLP
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