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In re BP P.L.C. Securities Litigation

United States District Court, Fifth Circuit

December 12, 2013

In re BP p.l.c. Securities Litigation
v.
BP p.l.c. et al. This document relates to: Avalon Holdings Inc., et al. South Yorkshire Pensions Authority, et al.
v.
BP p.l.c. et al. Mondrian Global Equity Fund, L.P., et al.
v.
BP p.l.c. et al. Houston Municipal Employees Pension System, et anno.
v.
BP p.l.c. et al. Stichting Pensioenfonds Metaal en Techniek, et al.
v.
BP p.l.c. et al. HESTA Super Fund
v.
BP p.l.c. et al. KEC Asset Management NV, et anno.
v.
BP p.l.c. et al. Deutsche Asset Management Investmentgesellschaft mbH
v.
BP p.l.c. et al. New York City Employees' Retirement System et al.
v.
BP p.l.c. et al. Nova Scotia Health Employees' Pension Plan
v.
BP p.l.c., et al.

Sammy Ford IV, Federal Bar No. 950682, Texas Bar No. 24061331, ABRAMAN, WATKINS, NICHOLS, SORRELS, AGOSTO & FRIEND, Houston, Texas, Attorneys in Charge for the Alameda, South Yorkshire, Mondrian, HESTA, Stichting, New York City, and Nova Scotia Plaintiffs

Matthew L. Tuccillo, Marc I. Gross, Jeremy A. Lieberman, Jason S. Cowart, Matthew L. Tuccillo, Emma Gilmore, Jessica N. Dell, POMERANTZ GROSSMAN HUFFORD DAHLSTROM & GROSS, LLP, New York, NY, Attorneys for the Alameda, South Yorkshire, Mondrian, HESTA, Stichting, New York City, and Nova Scotia Plaintiffs.

Bernardo S. Garza, Federal Bar No. 4779, Texas Bar No. 03663500, CALLIER & GARZA, LLP, Houston, TX, Attorneys in Charge for the Connecticut Action Plaintiffs.

Gregory M. Castaldo, Matthew L. Mustokoff, Michelle M. Newcomer, Margaret E. Onasch, KESSLER TOPAZ MELTZER & CHECK, LLP, Radnor, PA, Attorneys for the Connecticut Action Plaintiffs.

Gregory M. Utter, KEATING MUETHING & KLEKAMP PLL, Cincinnati, OH, Attorneys for the Ohio Action Plaintiffs.

Jeffrey C. Block, BLOCK & LEVITON LLP, Boston, MA, Attorneys for the Ohio Action Plaintiffs.

Thomas W. Taylor, Texas State Bar No. 19723875, S.D. Tex. Bar No. 3906, ANDREWS KURTH LLP, Houston, Texas, Attorneys in charge for Defendants BP p.l.c., BP America, Inc., and BP Exploration & Production, Inc.

Daryl A. Libow (pro hac vice), Amanda F. Davidoff, Elizabeth A. Rose, SULLNAN & CROMWELL LLP, 1701 Pennsylvania Avenue, N.W., Washington, D.C., Attorneys for Defendants BP p.l.c., BP America, Inc., and BP Exploration & Production, Inc.

Marc. De Leeuw, Richard C. Pepperman, II (pro hac vice), Marc De Leeuw (pro hac vice), Matthew A. Peller, SULLIVAN & CROMWELL LLP, New York, New York, Attorneys for Defendants BP p.l.c., BP America, Inc., and BP Exploration & Production, Inc.

Kathleen H. Goodhart, COOLEYLLP, San Francisco, CA, Stephen C. Neal, COOLEYLLP, Palo Alto, California, Attorneys for Andrew G. Inglis.

Theodore V. Wells, Jr. (pro hac vice), Roberto Finzi (pro hac vice), Jaren Janghorbani (pro hac vice), PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP, New York, New York, Attorneys for Defendant Douglas Suttles.

Patrick F. Linehan (pro hac vice), Reid H. Weingarten (pro hac vice), Brian M. Heberlig (pro hac vice), Steptoe & Johnson LLP, Washington, DC, Attorneys for Defendant David Rainey.

Joe Kendall, Dallas, TX, SPECTOR ROSEMAN KODROFF & WILLIS, P.C., Mark S. Willis, Washington, D.C., Robert M. Roseman, Andrew D. Abramowitz, Daniel J. Mirarchi, Philadelphia, P A, Attorneys for the Avalon and Houston Action Plaintiffs.

Ira M. Press, J. Brandon Walker, KIRBY McINERNEY LLP, New York, NY, Attorney for the KBC and Deutsche Action Plaintiffs.

STIPULATION AND ORDER IN ADVANCE OF MOTION TO DISMISS BRIEFING

KEITH P. ELLISON, Distrit Judge.

WHEREAS, on November 30, 2012, plaintiffs Alameda County Employees' Retirement Association, et al., filed their First Amended Consolidated Complaint in case no. 4:12-cv-01256 ("Alameda");

WHEREAS, on December 21, 2012, BP p.l.c. ("BP"), BP America Inc., BP Exploration & Production Inc., Anthony Hayward, Douglas Suttles, Andrew Inglis, Robert Malone, David Rainey, H. Lamar McKay and Robert Dudley filed a consolidated motion to dismiss the complaint in Alameda (the "Motion");

WHEREAS, a complaint and amended complaints[1] incorporating a number of the same statements alleged to be false or misleading in the Alameda complaint were filed in the above-captioned actions[2] against the same defendants as well as against Byron Grote, John Browne, and Peter Sutherland[3] (together, the "Defendants");

WHEREAS, by an order dated September 30, 2013 and entered on October 3, 2013, the Court granted in part and denied in part the Motion in Alameda;

WHEREAS, by an order entered on November 25, 2013, the Court granted Defendants' Motion for Reconsideration Regarding Application of the PSLRA's Pleading Standards to Plaintiffs' Exchange Act Claims and on December 2, 2013 amended and reissued the order granting in part and denying in part the Motion in Alameda (the "Order");

WHEREAS, the parties in the above-captioned actions have conferred, and agree that the Court will most likely deem the Order to be applicable to the above-captioned actions concerning, inter alia, the issues of choice of law, Defendants' intent to induce reliance, the standards for actual reliance, and whether certain statements alleged to be false or misleading are actionable, and are stipulating to the same;

IT IS HEREBY STIPULATED AND AGREED by and between the undersigned parties, subject to the Court's approval, that English law applies to all claims in the above-captioned actions, except for the Exchange Act claims asserted by Plaintiffs identified in the NYC complaint as NYCERS, Fire, BERS and TVF, and the Plaintiff identified in the Stichting complaint as PME.

IT IS HEREBY FURTHER STIPULATED AND AGREED by and between the undersigned parties, subject to the Court's approval, that the following claims from the abovecaptioned actions are hereby dismissed:

• All claims for common-law aiding and abetting fraud.
• All claims for statutory fraud under Texas law.
• All claims for alleged violations of the Texas Securities Act.
• All claims based on the alleged statements made in the November 29, 2006 investor meeting. ( See Mondrian ¶ 451(a); NYC ¶ 452(a).)
• All claims based on the alleged statements in the January 16, 2007 press release.[4] ( See South Yorkshire ¶¶ 336-37; HESTA ¶¶ 334-335; Mondrian ¶¶ 338-39; NYC ¶¶ 340-41; Stichting ¶¶ 338-39; Avalon ¶ 226; Houston ¶ 186; KBC ¶ 84; Deutsche ¶ 83.)
• Deceit and Exchange Act claims based on the alleged statements made in the February 7, 2007 investor meeting. ( See Mondrian ¶ 451(b); NYC ¶ 452(b); Nova Scotia ¶ 419(a).)
• All claims based on the alleged statements made in BP's 2006 Sustainability Report dated May 9, 2007. ( See South Yorkshire ¶ 339; HESTA ¶ 337; Mondrian ¶ 341; NYC ¶ 343; Stichting ¶ 341; Avalon ¶¶ 229, 231; Houston ¶¶ 189, 191; KBC ¶ 86; Deutsche ¶ 85.)
• All claims based on Malone's May 16, 2007 testimony before the U.S. House of Representatives Committee on Energy and Commerce. ( See South Yorkshire ¶ 341; HESTA ¶ 339; Mondrian ¶ 343; NYC ¶ 345; Stichting ¶ 343; Avalon ¶ 233; Houston ¶ 193; KBC ¶ 87; Deutsche ¶ 86.)
• All claims based on the alleged statements made in the September 17, 2007 investor meeting. ( See Mondrian ¶ 451(c); NYC ¶ 452(c).)
• All claims based on the alleged statements in BP's press release dated October 25, 2007. ( See South Yorkshire ¶ 343-44; HESTA ¶¶ 341-42; Mondrian ¶¶ 345-46; NYC ¶¶ 347-48; Stichting ¶¶ 345-46; Avalon ¶ 235; Houston ¶ 195; KBC ¶ 89; Deutsche ¶ 88.)[5]
• Malone is dismissed as a defendant in the above-captioned actions.
• Deceit and negligent misstatement claims based on Hayward's alleged statements at the November 8, 2007 Houston Forum. ( See South Yorkshire ¶ 346; HESTA ¶ 344; Mondrian ¶ 348; NYC ¶ 350; Stichting ¶ 348; Avalon ¶ 237; Houston ¶ 197; KBC ¶ 91; Deutsche ¶ 90.)
• Negligent misstatement claims based on Hayward's alleged statements in BP's 2007 Annual Review dated February 22, 2008. ( See South Yorkshire ¶ 348; HESTA ¶ 346; Mondrian ¶ 350; NYC ¶ 352; Stichting ¶ 350; Avalon ¶ 241; ...

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