Judge Guts BP Securities Class Action But Allows Some Claims to Proceed

A federal judge in Houston partially denied BP’s motion to dismiss a proposed shareholder class action stemming from the 2010 Deepwater Horizon disaster on Monday, concluding that the plaintiffs had adequately alleged that the oil giant misrepresented its safety preparations and readiness to respond to a spill in the Gulf of Mexico. But Judge Ketih Ellison gutted the proposed class, limiting the case to claims by purchasers of American Depositary Receipts after determining that the Supreme Court’s Morrison v. National Australia Bank decision barred U.S. claims by investors who bought ordinary shares in the United Kingdom.

via Judge Guts BP Securities Class Action But Allows Some Claims to Proceed — AmLaw Litigation Daily