BP Plc is facing a new lawsuit by state pension funds in Ohio and New York that claim the oil giant misled investors about its commitment to safety before the Deepwater Horizon oil spill.
The funds filed the class-action suit in the U.S. District Court in the southern district of Texas Monday seeking compensation for the investments lost after the April 20 disaster in the Gulf of Mexico.
The case claims that BP misled investors to believe that it had a lower risk profile.
“The truth about BP and its lack of commitment to and implementation of safety processes to avoid preventable incidents began to emerge,” said attorneys for the Ohio and New York state pension funds, as quoted by Bloomberg. “Investors were deceived as to BP’s true risk profile in deep sea drilling.”
BP has been slammed with hundreds of claims related to the drilling rig explosion that set off the largest offshore oil spill in U.S. history.
Investors say that BP falsely claimed a commitment to safety measures and maintenance.