BP p.l.c. Double Derivative Litigation
Practice:
Securities Fraud & Shareholder Litigation
Chimicles & Tikellis LLP is lead counsel in this case, which was filed in the Court of Chancery of the State of Delaware as a derivative and double derivative action (the “Action”) arising from the April 20, 2010 eruption of oil and natural gas from the wellhead at the Macondo prospect site in the Gulf of Mexico that created a fireball and explosion on the Deepwater Horizon oil rig (“Rig”) managed by BP p.l.c. (“BP” or the “Company”), sinking the Rig and killing 11 workers, injuring 17 others (the “Deepwater Disaster”). The Deepwater Disaster caused and continues to cause an uncontrolled oil and gas leak in the Gulf that threatens to be the worst oil spill disaster in history, threatening not only the Gulf coast and waterways, but the coastline up the eastern seaboard of the United States and outward to the Bahamas.
The Action is brought derivatively on behalf of BP, and is brought as a double derivative action on behalf of BP’s Delaware subsidiaries BP America Inc., BP Company North America Inc., and BP Exploration & Production Inc. (collectively the “BP Subsidiaries”), against certain directors and officers of BP and the BP Subsidiaries. The Action alleges that certain directors and officers of BP and the BP Subsidiaries, through their actions, omissions and ultra vires acts, breached their fiduciary and other duties under Delaware law and the laws of England and Wales to BP and the BP Subsidiaries, causing these corporations to suffer enormous economic harm for failing to remedy or monitor the safety operations and procedures of the Company, allowing the Company to manage and conduct its operations in a grossly negligent and dangerous manner and subjecting BP to enormous potential civil liability.
If you wish to discuss this Action further, have any questions concerning your rights or interests, or need additional information on this Action please contact the attorneys below.
P.O. Box 1035, 222 Delaware Ave, Suite 1100, Wilmington, DE 19801 Phone: 302-656-2500
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