New York State Comptroller Thomas P. DiNapoli, the sole trustee of the $132.6 billion state pension fund, announced today that he has hired the law firm of Cohen Milstein Sellers & Toll PLLC to represent the fund in a class action suit against BP Plc (BP).
DiNapoli said the Fund will seek to recover losses from the drop in the company’s stock price due to BP’s disastrous Deepwater Horizon explosion and oil spill in the Gulf of Mexico in April 20.
“It’s my duty to protect the interests of the Fund and the retirees and employees who rely on it,” DiNapoli said in a statement. “BP misled investors about its safety procedures and its ability to respond to events like the ongoing oil spill and we’re going to hold it accountable.”
DiNapoli said the Fund held more than 19 million shares at the time of the event.