Shell joins class action against BP over Gulf spill.

Guardian: “Pension funds from London borough councils and even Shell are among a new group of shareholders suing BP in Texas over the Deepwater Horizon accident.”
“The lawsuit, which could potentially be extremely costly for the oil group, follows recent US court rulings opening the way to challenges from those who bought financial stakes in BP outside the country.
The US courts are famously generous in their financial awards compared with their British counterparts. In the past only investors who bought their BP stakes on the New York stock exchange or other US markets could file for compensation payments.
A class action specialist, Pomerantz Law, has rounded up 32 major investors seeking financial compensation for the losses they incurred on their shares. The New York-based law firm is taking the case on a no-win, no-fee basis and is hoping that other European investors will join the suit.
The royal borough of Kensington and Chelsea plus City of Westminster council, Cumbria county council and Shell Pension Trust have all put in for claims.
A BP spokesman in London said on Friday night: “All of the plaintiffs’ securities claims relating to the Deepwater Horizon accident are meritless and we will continue to vigorously dispute them.”
….The group has made payouts of over $30bn (£17bn) already.
BP is still waiting to hear a ruling on whether it has been guilty of gross negligence over the well blowout in which 11 oil workers died. The Department of Justice has claimed that the company acted irresponsibly. A gross negligence ruling would open potentially BP up to $20bn worth of new fines under the Clean Water Act.
….In the US, BP only recently had a ban lifted on applying for new oil licences but still made first-quarter global profits of almost £2bn.”