Investors who claim BP misled them about the severity of the 2010 oil spill will get their day in court.
U.S. District Judge Keith Ellison of the Houston Division of the Southern District of Texas set a trial date for May 18, 2015, for the class action by shareholders.
In April, Ellison said investors who bought BP’s American Depository Shares between April 26 and May 28, 2010, could go ahead with their suit alleging BP “low-balled” the flow rate of oil spewing from the Deepwater Horizon well. They also claim the share price did not reflect the magnitude of the disaster.
BP's ADS price fell 37 percent from the start of the class period to the first trading day after it ended. The lead plaintiffs are New York State Comptroller Thomas DiNapoli, who oversees that state's Common Retirement Fund, and the Ohio Public Employees' Retirement System.
The case is In re: BP Plc Securities Litigation, U.S. District Court, Southern District of Texas, No. 10-md-02185.