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Ohio, NY pension funds seek recovery from BP
Pension funds in Ohio and New York on Wednesday, July 21, announced that they’re seeking lead plaintiff status in a securities class action lawsuit against BP and the British company’s officers and directors.
In filing in U.S. District Court in Louisiana, attorneys for the states’ funds said that the funds lost from $181 million to $229.4 million from BP investments.
The filing comes with efforts continuing to contain and fix the spill at BP’s well in the Gulf of Mexico.
“Institutional investors and the Ohio funds in particular have been greatly harmed by BP’s alleged misconduct,” Ohio Attorney General Richard Cordray said in a press release.
“By forming a partnership between Ohio and New York, we aim to compensate investors for what we believe was securities fraud and effect real change in the way BP and other companies do business.”
The group seeking lead plaintiff status includes: the Ohio Public Employees Retirement System; the State Teachers Retirement System of Ohio; the School Employees Retirement System of Ohio; the Ohio Police & Fire Pension fund and the New York State Common Retirement Fund.
The combined funds invest more than $275 billion, the press release said.
The funds alleged that BP made materially false and misleading statements about the company’s safety protocols and record as well as the ability to respond to a major oil spill.
A BP spokeswoman said the company would not respond because of the pending litigation.
Earlier: Ohio public pension plans losing money on BP stock
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By bet365
November 12, 2010 1:20 PM | Link to this
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July 27, 2010 5:45 PM | Link to this
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By southernohiodude
July 23, 2010 3:31 PM | Link to this
Go get them Richard Cordray. Richard has been a great attorney general for the people of Ohio. I can’t believe that lame Mike DeWine is trying to be our lead attorney from Ohio. I can tell you, if it were up to Dewine, he would turn the other cheek on this one. He would not want to upset the apple cart of the biggest environment poluter in the country. DeWine is a clown.
By paul
July 23, 2010 12:46 AM | Link to this
These are probably the same people who were telling everyone to boycott BP!
By Dan
July 22, 2010 9:43 AM | Link to this
So, did the fund managers pursue GM, Chrysler, and Ford when those share took the hard fall…shoot two of them are completely gone. Of course, that would be rather inconvenient for our present President. Still, one does have to wonder…
By Dennis
July 22, 2010 5:56 AM | Link to this
Understand before disagreeing.
By Julycomment
July 22, 2010 12:39 AM | Link to this
It’s amazing how many out there have pension envy. Public servants do excellent work for good salaries and a good retirement. Some who are complaining were/are underqualified or have records that wouldn’t allow them to qualify for many public service job. These uninformed individuals apparently don’t know that Ohio public servants contribute 10% of their wages toward their retirement instead of the 7.65% that those in a job taxed by Social Security. Of course, these same people aren’t bright enough to know that.
By I know better
July 21, 2010 11:53 PM | Link to this
People need to find out the facts before speaking. The Retirement System in Ohio is funded by deductions out of the employees paychecks equal to Social Security deductions. The system is close to 30 years OLDER than Social Security itself. The system is meant to invest to keep up the system. Our pensions are not guaranteed nor are raises. We also pay for our insurance. Mine cost me $240 a month and with my co-pays for my medications I pay out over $400 a month. Doesn’t sound free to me. There are plenty of people in the system who ARE NOT members of Unions so saying they are ran by Unions is completely wrong. We also pay all Local, State, and Federal incomes taxes out of our paychecks and pension checks just like everyone else. We also pay FICA taxes and we go on Medicare like everyone else at the age set fourth by the Federal Government.
By HEY KATHY
July 21, 2010 11:15 PM | Link to this
People are sticking to the facts!!! If you are too sensitive . . or if your immature mind cannot process the raw truth, go join a support group. Your Third Grade comment- “Calling all state employees “worthless”or being derogative about any group of people for that matter says more about the person commenting rather then the group he or she is trashing.” WAH, WAH, WAH . . Grow Up!!! You need to spend less time on your “Kumbaya” and more time reading the 1st Amendment.
By privatetaxpayer
July 21, 2010 10:52 PM | Link to this
The is absolutely outrageous. States are going bankrupt to fund these overbloated UNION pension funds for these greedy parasites. And when they retire — usually years earlier than private pensions and Social Security allow — they get a GUARANTEED pension. Ohio pays billions into these state and teacher pensions, that are ridiculously overfunded. And still these union people refuse, even though it is one of the worst recessions America has suffered thru, to pay even 1 dime for their health insurance (which is paid for by the taxpayer). Moreover, the still demand their yearly raises, which are over and above any of the private sector pay increases. The teachers and their unions have got to be the biggest hypocrites in this country …they push these tax levies and whine, “ITS FOR THE CHILDREN . .DON’T YOU WANT TO HELP THE CHILDREN’. And Ohio has one of the worst school systems in the country.
By fellow investor
July 21, 2010 6:40 PM | Link to this
This is stupid. There are no guarantees in investing. We’re supposed to be big folks. Even if they win the money will come from their own pockets and those of fellow investors minus the outrageous attorney fees. Class action lawsuits should be illegal. Only the attorneys win.
By RIGHT
July 21, 2010 5:53 PM | Link to this
Two of the most under funded pension funds in the USA teaming up together. What a joke….
By Smart Shopper #4
July 21, 2010 4:58 PM | Link to this
This highlights one difference between liberals and conservatives. When liberals make a mistake, someone else is at fault. When conservatives make a mistake, we attempt to learn from it and prevent it from happening again. These public retirement systems have gotten so fat, the liberals are forced to steal money from whomever they can.
By dale1
July 21, 2010 4:44 PM | Link to this
They should not win this suit. The state of Ohio made a serious mistake in investing so much money in oil. Do I get money back from other companies when there stocks dive? These stocks will go back up once this spill blows over. In 10 years nobody will remember this spill.
By kathy
July 21, 2010 4:23 PM | Link to this
Can anyone make a comment anymore just sticking to the facts as they see it rather than trashing people along the way? Calling all state employees “worthless”or being derogative about any group of people for that matter says more about the person commenting rather then the group he or she is trashing.
By jms
July 21, 2010 1:22 PM | Link to this
What about the overwhelming culpability of the U.S. government and it’s response to the spill, and the failure of departmental oversight which allowed circumstances to prevail that led to said (and many other) spill(s)? What suit will be filed v. the U.S. government?
By Harry
July 21, 2010 1:11 PM | Link to this
I think I will sue the Ohio Public Employees Retirement System; the State Teachers Retirement System of Ohio; the School Employees Retirement System of Ohio; the Ohio Police & Fire Pension fund and the New York State Common Retirement Fund for making bad decissions on my behalf!
By Rob
July 21, 2010 12:59 PM | Link to this
So, is the President and Congress included in this suit? Their badmouthing the company hasn’t exactly helped the share price…
By Papagino
July 21, 2010 12:50 PM | Link to this
If they wanted to gaurantee a return, they wouldn’t buy stocks. Stocks are a risk, you might make money, you might lose money, it says so right there on the paperwork when you buy. Sad thing, they will probably win…
By Tom
July 21, 2010 12:49 PM | Link to this
So, would the response be the same if it was just a horrible investment decision that sent the company down the tubes? Would the reverse be true if a great investment decision tripled the company’s value in one year? Get real. Stock investments are risks! If the investors don’t understand that then fire them!
By cdmertz
July 21, 2010 12:23 PM | Link to this
That’s why that call it a investment dumb a*s,there is a risk whenever you invest your money. I only wish we could do that with all state/federal employee’s I love to get my money back!
By cdmertz
July 21, 2010 12:20 PM | Link to this
Hey dumb a*s that why they call it investment there is risk when you invest your money. I only wish we could do that with everyone of you worthless state/federal employee’s,I LOVE TO GET MY MONEY BACK!
By Ben
July 21, 2010 12:11 PM | Link to this
Let’s not even wait to see if there was any wrongdoing, let’s just get in line for the money.
By The Voice
July 21, 2010 12:04 PM | Link to this
Can’t get any more money from tobacco companies. Oil is next. And then ….