Dobell: BP is the victim of a regulatory shakedown

BP has become the victim of a "shakedown" by US regulators and media as it attempts to resolve claims arising from the 2010 Gulf of Mexico oil spill, according to M&G's Tom Dobell.

Dobell (pictured), whose £7.5bn M&G Recovery fund holds BP as its largest position, said the oil major is being hampered by both US interests and "spineless British politicians" in its attempts to move on from the disaster. BP shares have risen 18% over the past 12 months but remain 28% off pre-spill highs. The firm has reportedly asked UK Prime Minister David Cameron to intervene over what it sees as many US companies' abuse of the Gulf of Mexico compensation scheme. "The company has been a victim of the biggest weakness I see in America, which is their legal system," Dobell said,...