Extracts from an article by Jim Armitage, Deputy Business Editor of The Independent, published 4 July 2014
The pension fund of oil giant Shell is suing arch rival BP and its former chief executive Lord John Browne for millions of pounds over the Gulf of Mexico oil spill catastrophe.
Shell Pension Trust is one of more than a dozen giant UK investment funds who have joined a massive lawsuit against BP and its directors at the time including Tony Hayward, who took over from Lord John as CEO three years before the Deepwater Horizon disaster.
The investors are suing over the dramatic crash in BP’s share price caused by the spill and have won the right to sue under UK law but in the generous Texas court. While they had the right to take action in the High Court in London, they have held out to take their claims in the US where higher awards are likely.
As a result of the disaster, 11 workers died and millions of barrels of oil spilled into the Gulf of Mexico in what was the worst spill ever.
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