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London pension fund: oops, we just sued BP

The City of London pension fund said it didn't realize until after the fact that it had become a plaintiff in securities litigation against a pillar of the UK business scene, British Petroleum, seeking to force D&O insurance to cough up for corrosion problems in the oil giant's Prudhoe Bay operations. However, the pension fund had given permission for funds manager ABN AMRO Mellon to sign up for class action suits in its discretion, so it wound up as a client of William Lerach. Lyle Roberts links to coverage in the Times Online and Evening Standard.

Separately, Adam Savett (Lies, Damn Lies, and Forward-Looking Statements) reports that Cohen Milstein Hausfeld & Toll has upped the ante in the transatlantic recruitment of institutional investors as securities plaintiffs by opening a London office.



Rafael Mangual
Project Manager,
Legal Policy

Manhattan Institute


Published by the Manhattan Institute

The Manhattan Insitute's Center for Legal Policy.