Shareholders Sue BP Execs for Fatal Fire

GALVESTON (CN) – BP America (fka British Petroleum) and its directors cost shareholders millions of dollars by their flagrant violations of safety and environmental laws that led to the fatal explosion and fire at its Texas City refinery, shareholders say in a derivative complaint.

     Shareholders say BP had been ordered in 2001 to fix the problems at its Texas City refinery, in a consent decree that was amended five times. BP pleaded guilty to a felony criminal charge for the deadly March 23, 2005 explosion and paid a $50 million fine.
     “The intentional or reckless misconduct has caused, and continues to cause, BP significant damage from various claims, lawsuits, investigations, enforcement proceedings, as well as the associated fees and penalties,” according to the complaint in Galveston County Court.
     Shareholders also sued 25 BP directors and executives, and demand an accounting and disgorgement of “all profits and special benefits and unjust enrichment they have obtained as a result of their unlawful conduct, including all salaries, bonuses, fees, stock awards, options and common stock sale proceeds”.
     Shareholders are represented by Don Jackson with Ware, Jackson, Lee & Chambers of Houston.

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