Market Chatter: New York City Suing BP for Deepwater Horizon Oil Spill; Shares Slightly Lower


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New York City has sued BP Plc ( BP ) for more than $39 million of losses it claims beneficiaries of the city's pension funds suffered from BP's "misconduct and fraudulent behavior" linked to the 2010 Deepwater Horizon oil spill, as reported by Reuters.

According to New York City Comptroller John Liu, "BP failed to disclose to shareowners the serious risks involved in its offshore drilling operation. After the spill began, it misleadingly attempted to minimize the extent of the damage and the cost to shareowners."

BP shares are down 0.17% to $42.21, amid a 52-week range of $36.25 - $45.45.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities

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