Funds 'sue BP over Gulf of Mexico disaster'

Investors who bought into BP shares around the time of the 2010 Gulf of Mexico disaster have filed lawsuits claiming the company did not disclose the full extent of the spill, according to reports.

The Telegraph reports that investors including the South Yorkshire Pensions Authority and GAM Fund Management are seeking damages from BP for its actions before and after the spill. The suits, filed with a court in Texas, allege BP's ‘safety first' policies in the years prior to the disaster "paid only lip service" to reform, and that BP's subsequent attempts to manage the situation were misleading to investors. Statements issued by BP intending to reassure investors that the spill was manageable, with limited consequences, "minimised the decline of BP stock prices, and induced plaint...