5th Circuit reopens employee lawsuit against BP for retirement plan deception

Four employees claim the company deceived them into buying stock before and after the 2010 Deepwater Horizon oil spill

The victims of the 2010 Deepwater Horizon oil spill are numerous, and industry giant BP has faced its fair share of lawsuits related to the incident. One group that hasn’t been mentioned though, are BP employees holding company stock who lost money as a result of the incident. But now, after an appeals court ruling, they will have their day in court.

On July 15, a three-judge panel of the 5th U.S. Circuit Court of Appeals unanimously ruled to re-open the case of four BP employees who felt they were deceived into buying and holding BP stock before and after the disaster as part of a company retirement savings plan. The panel has ordered U.S. District Judge Keith Ellison to take another look at the claims.

Assistant Editor

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Zach Warren

Zach Warren is Assistant Editor of InsideCounsel magazine, where he oversees online content submissions and administers InsideCounsel's enewsletters. Zach specializes in new media and multimedia...

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