LITTLE ROCK, Ark., July 2, 2010 (GLOBE NEWSWIRE) -- Emerson Poynter LLP (www.emersonpoynter.com), with offices in Little Rock, Arkansas and Houston, Texas, announces that it has launched an investigation into possible illegal conduct relating to BP's (NYSE:BP) 401(k) plan for U.S. employees known as the BP Employee Savings Plan ("ESP"). Specifically, Emerson Poynter 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.
As is well publicized, an explosion erupted on the Deepwater Horizon drilling rig on April 20, 2010 killing a number of workers. Two days after the explosion, 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 and will have long-term effects on the Gulf region as well as BP's financial worth.
At the end of 2009, BP's U.S. Employee Savings Plan had more than $2 billion invested in BP stock. Since the explosion and eruption of oil, BP's stock price has fallen by approximately half, accounting for more than $100 billion in lost stock value. The retirement plans for many company employees are tied to the stock, costing them what is believed to be hundreds of millions of dollars.
Emerson Poynter LLP is a plaintiff's law firm that handles complex commercial litigation in the retirement plan area such as ADT, Enron, and Goodyear. It has substantial experience in litigating large complex class-action cases and serves in a leadership position in numerous cases.