BP Workers Can’t Sue 401(k) Managers

Judge dismisses lawsuits over retirement plan losses related to spill.

BP Plc employees can’t sue managers of the company’s retirement savings plan over losses related to the 2010 oil spill in the Gulf of Mexico, a judge ruled.

U.S. District Judge Keith Ellison in Houston yesterday threw out least eight employee lawsuits that sought to recover millions of dollars in losses that BP’s employee retirement plans allegedly suffered from the largest offshore oil spill in U.S. history. The suits questioned plan managers’ investments in BP’s shares.

‘Complete Discretion’

BP employees have “complete discretion whether to invest in the BP stock fund” and plan managers can’t be held liable for employees’ own investment decisions, the company’s lawyers countered in their court filings in the case.

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