$175M Settlement Reached in BP Deepwater Horizon Oil Spill Securities Lawsuit

This is a settlement for the Shareholder sues BP Leaders lawsuit.

Houston, TX: BP has agreed to pay $175 million to settle a securities class-action lawsuit brought by investors following the disastrous 2010 BP Deepwater Horizon oil spill in the Gulf of Mexico.

The lawsuit alleges that the oil company had deliberately mislead its investors as to the rate of oil spilling from the rig following the explosion. Specifically, the lawsuit claims BP claimed low estimates of the spill rate, which resulted in inflated securities prices. The suit also claims BP mispresented its safety procedures prior to the spill.

According to a statement issued by BP, the company will pay out investors on the settlement over the next 18 months, should the settlement receives final approval.

According to BP, the securities settlement doesn't resolve other securities-related litigation relating to the disaster, which killed 11 workers and spewed millions of gallons of crude oil into the Gulf for 87 consecutive days.

The securities lawsuit involves purchases of BP American Depositary Shares between November 8, 2007, and May 28, 2010.