NEW YORK, June 23, 2010 (GLOBE NEWSWIRE) -- Milberg LLP is investigating possible illegal conduct relating to BP's (NYSE:BP) 401(k) plan for U.S. employees known as the BP Employee Savings Plan or the ESP. Specifically, Milberg LLP is investigating whether fiduciaries of the BP Employee Savings Plan may have violated the Employee Retirement Income Security Act of 1974 ("ERISA"). Violations may have occurred by continuing to offer and maintain the BP Stock Fund as a BP Employee Savings Plan investment option when it was imprudent to do so.
On the evening of April 20, 2010, an explosion erupted on the Deepwater Horizon drilling rig. Two days after the explosion, on April 22, 2010, the Deepwater Horizon sank and began discharging oil into the Gulf of Mexico. To this day, BP has yet to stop the leaking of millions of gallons of crude oil into the Gulf of Mexico. The consequences of these events are devastating.
These devastating consequences are negatively impacting the retirement savings of BP Employee Savings Plan participants. The BP Employee Savings Plan had more than $2 billion invested in BP Stock at the end of 2009. Since the Deepwater Horizon explosion in April, BP's stock price has fallen by approximately 50%, thereby decimating the retirement savings of BP employees whose plan accounts are invested in BP Stock. Milberg is investigating whether the fiduciaries of the 401(k) plan knew or should have known of BP's problematic safety record, including BP's safety measures used on the Deepwater Horizon, thus making the BP Stock Fund an imprudent investment for BP employees that participate in BP's 401(k) plan. If you have or had an individual account with the BP Employee Savings Plan, and your account(s) holds or held units of the BP Stock Fund, you may have legal claims under ERISA.
About Milberg
Milberg LLP was a member of the Plaintiffs' Coordinating Committee and Co-Chair of the Plaintiffs' Law Committee in the massive litigation resulting from the Exxon Valdez oil spill in Alaska. The firm was co-lead counsel in ERISA litigation against the Royal Dutch /Shell Group of Companies, obtaining a $90 million settlement on behalf of the companies' U.S. employee retirement investment plan participants. Milberg has been representing individual and institutional investors for over 40 years and serves as lead counsel in federal and state courts throughout the United States. Please visit the Milberg website (http://www.milberg.com) for more information about the firm.
If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact the following attorneys:
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Lori G. Feldman, Esq. Milberg LLP One Pennsylvania Plaza, 49th Fl. New York, NY 10119-0165 Phone number: (800) 320-5081 Email: LFeldman@milberg.com Email: contactus@milberg.com Admitted in New York and Washington |
Arvind B. Khurana, Esq. Milberg LLP One Pennsylvania Plaza, 49th Fl. New York, NY 10119-0165 Phone number: (800) 320-5081 Email: AKhurana@milberg.com Email: contactus@milberg.com Admitted in New York |
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