DutchNews.nl, April 20, 2015,
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| Photo: US Coastguard |
Dutch investors’ lobby group VEB is taking legal action against
British energy giant BP for misleading Dutch investors in the wake of the 2010
oil disaster in the Gulf of Mexico.
The organisation says the legal action
opens up the way to compensation for Dutch investors because of the
‘systematically incorrect, inadequate and misleading pronouncements’ made by BP
about its safety and maintenance programmes ahead of the leak.
In addition, the
complaint concerns misleading statements from BP about the size of the leak
after it happened, the VEB statement says.
The leak was caused by a pipeline
explosion under BP’s Deepwater Horizon oil platform. Eleven workers died and
millions of litres of oil leaked into the gulf.
The misleading statements by BP led the US regulator SEC to fine the
company $525m, the third highest fine the organisation has ever levied, the VEB
says.
After the disaster, BP’s share price plunged more than 48%. The VEB says
the share price had been kept artificially high because of misleading
statements about the company’s safety programme.
BP is facing legal action from
other BP shareholders in Canada and the US. Investors who did not buy their
shares in BP via a US institution have been ruled out of the American class
action suit, hence the VEB’s campaign.
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