NEW ORLEANS — Public pension funds in New York and Ohio want to be the lead plaintiffs in suits alleging BP PLC inflated its stock price by hiding information about its safety practices before the Gulf of Mexico oil spill.
Several lawsuits have been filed in federal court in New Orleans against the oil company by individual investors and the Oklahoma police pension system. Yesterday, the New York and Ohio pension funds joined in.
The suits, seeking class-action status, also allege BP falsely told investors like them that it could control the oil spill.
BP declined comment.