BP will pay its investors $175 million to resolve a class-action complaint accusing the oil giant of misleading shareholders over the extent of its Deepwater Horizon oil spill in the Gulf of Mexico. Investors who bought BP’s U.S.-listed shares filed the lawsuit in federal court in Houston, seeking compensation for a steep drop in company stock value. The plaintiffs alleged that BP downplayed the severity of the oil spill when it erupted in 2010 off the Louisiana coast. BP publicly stated that its blown-out Macondo well was releasing 1,000 to 5,000 barrels (42,000 – 210,000) per day, and stood by ... Read More
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