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Showing posts from July, 2010

Ohio Attorney General Suing British Petroleum Over Losses to State's Pension Plans

It was announced on July 21st Richard Cordray, Attorney General for the State of Ohio, is jockeying to be the lead attorney in a law suit filed against British Petroleum (BP), seeking class-action status. The law suit was filed on behalf of the state's five pension systems, which incurred substantial losses due to the decline in BP stock after the gulf disaster.

"Institutional investors, and the Ohio Funds in particular, have been greatly harmed by BP's alleged misconduct. By forming a partnership between New York and Ohio, we aim to compensate investors for what we believe was securities fraud and effect real change in the way BP and other companies do business," Cordray said.

Let me first and very clearly state that I am not in any way, shape, or form arguing in defense of BP in writing this. What I am arguing for is common sense and personal responsibility. I'm no expert in deep-see drilling, but it would certainly appear to me that it might be a bit risky dr…