Gansler alleges BP oil spill led to millions in losses for state pension system

BALTIMORE - Attorney General Doug Gansler sued BP Friday, alleging the company’s oil spill four years ago led to millions in losses for Maryland’s pension system.

Gansler filed the suit in the U.S. District Court for the Southern District of Texas against the company for allegedly making false and misleading statements regarding its commitment to safety reforms and oil spill prevention and response capabilities.

The attorney general said this resulted in investment losses by the Maryland State Retirement and Pension System following the April 2010 Deepwater Horizon explosion and oil spill.

"The Deepwater Horizon oil spill not only claimed the lives of 11 people and caused the largest environmental disaster in U.S. history, it also resulted in millions of dollars in investment losses sustained by Maryland's pension system," Gansler said in a news release. "Maryland taxpayers should not have to pay the price for BP's failure to prevent and swiftly respond to this tragedy."

The lawsuit covers investments of BP ordinary shares purchased on the London Stock Exchange and American Depository Shares acquired between Nov. 8, 2007 and April 26, 2010.

The public pension system administers retirement and pension benefits for more than 382,000 retirees, beneficiaries and state employees. The $44 billion system covers teachers, state employees, law enforcement personnel, legislators, judges and other local employees.

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