NEW YORK, June 24, 2010 (GLOBE NEWSWIRE) -- The law firm of Harwood Feffer LLP announces its investigation of possible violations of the Employee Retirement Income Security Act of 1974 ("ERISA") by BP p.l.c. ("BP" or the "Company") (NYSE:BP) and fiduciaries of the BP Employee Savings Plan (or "ESP").
Specifically, Harwood Feffer is investigating whether certain fiduciaries of the ESP breached their duties under ERISA to the Plan and its participants and beneficiaries by continuing to invest the ESP's assets in BP American Depository Shares (ADS) when it was no longer prudent to do so.
Following the explosion on April 20, 2010 on the Deepwater Horizon drilling rig, resulting in the death of eleven BP employees and subsequent catastrophic oil spill that continues to date, it has become clear that BP engaged in a systematic and ongoing practice of cutting costs and corners at the expense of personal and environmental safety. The consequences of this behavior are now readily apparent and are negatively impacting the retirement savings of the ESP participants.
Prior to these events, the ESP had more than $2 billion invested in BP ADSs. Currently, the value of these shares has fallen by approximately 50%, thereby decimating the retirement savings of thousands of BP employees whose plan accounts are invested in BP ADSs.
Harwood Feffer is investigating whether the fiduciaries of the ESP knew or should have known of BP's abysmal safety record, including the conduct that led up to and presaged the Deepwater Horizon explosion. If so, Harwood Feffer attorneys believe the BP ADSs were an imprudent investment for the ESP and for BP employees who participated in the plan.
If you have or have had an individual account with the BP Employee Savings Plan 401(k), and your account holds or held BP stock, you may have legal claims under ERISA. You may contact Jeffrey M. Norton toll free at (877) 935-7400, or via-email at jnorton@hfesq.com to learn about our investigation.
For over two decades, Harwood Feffer has been a nationally recognized firm that specializes in complex, multi-party litigation and is among the foremost firms in ERISA litigation today. Harwood Feffer has taken a leading role in many important actions on behalf of defrauded employees in 401(k) plans – recovering hundreds of millions of dollars in those efforts. In what still stands as one of the largest ERISA settlements to date, Harwood Feffer was Co-Lead Counsel in a case brought on behalf of Royal Dutch Shell employees that recovered $90 million (or 80% of losses) sustained by 401(k) plan participants. The Harwood Feffer website (www.hfesq.com) has more information about the firm.
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