Landmark victory lets London Stock Exchange buyers of BP sue in U.S.

In a multi-district litigation stemming from the 2010 Deepwater Horizon oil-rig explosion in the Gulf of Mexico, we represent seven public pension funds that purchased BP securities on the London Stock Exchange. Our clients allege that BP misrepresented its compliance with safety protocols and concealed the true extent of the oil spill following the explosion. We successfully opposed BP’s motion to dismiss, obtaining a landmark decision that allows our clients to pursue English law fraud claims in Texas federal court. The ruling was the first by a U.S. court to uphold foreign law securities fraud claims following the Supreme Court’s 2010 decision in Morrison v. National Australia Bank which limited the reach of the federal securities laws to U.S. transactions.  

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