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Appeals court upholds class action status in oil spill suit

2015-09-11 09:30:54| Oil & Gas - Topix.net

A federal appeals court says litigation alleging that BP misled investors about the rate of oil flowing after an offshore oil rig explosion in 2010 can proceed as a class action lawsuit. Tuesday's 5th U.S. Circuit Court of Appeals ruling means that the lawsuit, led by pension funds in New York and Ohio, can continue on behalf of all purchasers of certain types of BP securities during a 33-day period after the Deepwater Horizon disaster in the Gulf of Mexico.

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