NEW YORK, April 20, 2012 (GLOBE NEWSWIRE) -- The law firm of Pomerantz Haudek Grossman & Gross LLP has filed actions against BP plc on behalf of certain U.S. county and municipal pension funds for investment losses incurred as a result of BP's fraudulent statements issued prior to, and after, the April 20, 2010 Deepwater Horizon disaster. The actions assert state law claims for the pension funds individually based on purchases of BP ordinary shares on the London Stock Exchange during the period January 16, 2007 through May 28, 2010 (as well as federal law claims for BP ADSs purchased on the NYSE).
The lawsuits were filed in the United States District Court, Southern District of Texas. That court previously held that federal securities law class action claims asserted against BP were viable, but only for investors who purchased BP shares on U.S. stock exchanges. The court held that the Supreme Court's recent decision in Morrison prevents U.S. pension funds from bringing claims under U.S. federal securities laws for purchases of BP shares abroad. As Marc Gross, managing partner of the Pomerantz Firm explained, "Since BP's misconduct and defrauding of investors occurred in this country and harmed U.S. pension funds, claims for purchases of BP shares abroad remain available under state law, regardless of Morrison. These actions are designed to pursue such claims."
The Pomerantz Firm, with offices in New York and Chicago, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 75 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of defrauded investors. See www.pomerantzlaw.com.