Overview
On February 13, 2017, Judge Keith Ellison of the United States District Court for the Southern District of Texas granted final approval to the settlement reached between BP and lead plaintiffs for the “post-explosion” class. That settlement is in the amount of $175 million, payable during 2016-2017. In granting final approval, Judge Ellison said the following about counsel:
“Let me also say, this has been a long process, I know, more than six years, and I want to reiterate how fortunate I feel to have — worked with such able lawyers on both sides. It’s been one of the highlights of my career as a judge. We had difficult issues and even some novel issues, and through it all you provided me with the highest standards both of scholarship and of advocacy and I am grateful. If I can ever do anything for your careers, please — please let me know.”
The settlement covers investors who purchased BP American Depositary Shares between April 26, 2010 and May 28, 2010. This settlement does not resolve other BP securities-related litigation in connection with the Gulf of Mexico oil spill.
Cohen Milstein served as Co-Lead Counsel and represented the New York State Common Retirement Fund in this class action stemming from the Deepwater Horizon oil spill. Plaintiffs allege that after the Deepwater Horizon explosion, BP and two of its senior executives misled investors about the severity of the oil spill in the Gulf of Mexico which impeded investors’ ability to assess the financial implications of the spill on BP. Following the class certification decision in May 2014, both parties filed motions for summary judgment in November 2014. On September 8, 2015, the United States Court of Appeals for the Fifth Circuit affirmed Judge Keith Ellison’s decision to certify an impacted class of investors who purchased BP’s American Depositary Shares on April 26, 2010 through and including May 28, 2010.