16 June 2014, News Wires – BP will have to face trial next May over allegedly misleading investors about the severity of the 2010 Macondo oil spill, a US judge said.
US District Judge Keith Ellison in Houston set the trial date for 18 May 2015, Reuters reported.
The scheduling comes nearly a month after Ellison granted class certification to the shareholders in the lawsuit.
Ellison said at the time that BP “low-balled” investors who bought company shares between 26 April and 28 May 2010 over Macondo’s oil-flow rate.
The share price “did not reflect the magnitude of the disaster”, the suit claims.
BP has said it would appeal the decision to certify the class.
The lead plaintiffs are New York State Comptroller Thomas DiNapoli, who oversees that state’s Common Retirement Fund, and the Ohio Public Employees’ Retirement System.
Representatives for BP and the plaintiffs did not immediately respond to requests for comment, Reuters said.
The case is In re: BP Plc Securities Litigation, U.S. District Court, Southern District of Texas, No. 10-md-02185.