Texas Federal Judge Says Participants Failed To Show Defendants Were Fiduciaries
Mealey's (November 10, 2015, 10:36 AM EST) -- HOUSTON — Because participants in BP’s retirement plans failed to show that the corporate defendants, the board defendants or the designated officer defendants were fiduciaries with respect to the plans at issue, a Texas federal judge on Oct. 30 granted the defendants’ motion to dismiss the amended complaint (In re: BP p.l.c. Securities Litigation, In re: BP p.l.c. ERISA Litigation, MDL No. 10-md-2185, No. 4:10-cv-4214, S.D. Tex.; 2015 U.S. Dist. LEXIS 147819).
(Opinion available. Document #54-151111-028Z.)
Nine individual participants and beneficiaries of four BP employee investment...