The law firm said it believes there are potential violations of the Employee Retirement Income Security Act (ERISA) by those in charge of BP’s retirement plan, the BP Employee Savings Plan (ESP). According to a press release, at the end of 2009, BP’s U.S. Employee Savings Plan had more than $2 billion invested in BP stock. Since the explosion and eruption of oil, BP’s stock price has fallen by approximately half, accounting for more than $100 billion in lost stock value.
The retirement plans for many company employees are tied to the stock, costing them what is believed to be hundreds of millions of dollars, the announcement said.
The law firm has identified several potential legal claims for participants in the BP Employee Savings Plan whose accounts included units from the BP stock fund. More information is at http://www.lanierlawfirm.com.
This is the fourth law firm to announce such an investigation into the BP plan (see http://www.plansponsor.com/Yet_Another_Law_Firm_Targets_BP.aspx (Yet) Another Law Firm Targets BP).