Huffington Post:
NEW ORLEANS — The exasperation with BP felt by residents of the Gulf states is spreading to shareholders – and some are taking the oil giant to court.
Since the Deepwater Horizon drilling rig disaster on April 20, BP shares have lost about $85 billion in value. The toll for institutional investors who hold 79 percent of the company – including public and private pension plans – is around $67 billion. BP's suspension of its quarterly dividend has only exacerbated the damage.
At least five individual investor suits have been filed, BP employees are suing over the slide in value of company stock in their 401(k) plans and the New York state comptroller intends to sue over losses to his state's public employee pension fund.
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