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MILBERG LLP > BP Employee 401(k) Retirement and Savings Plan Investigation

BP Employee 401(k) Retirement and Savings Plan Investigation

Free BP Employee 401(k) Claim Evaluation
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Are you a participant in the BP Employee Savings Plan, with investments in the BP Stock Fund?

Milberg is investigating possible breaches of fiduciary duties relating to the BP (NYSE: BP) 401(k) plan for U.S. employees known as the BP Employee Savings Plan.  Specifically, Milberg is investigating whether fiduciaries of the BP Employee Savings Plan (“ESP”) may have violated the Employee Retirement Income Security Act of 1974 (“ERISA”) by continuing to offer and maintain the BP Stock Fund as an investment option when it was imprudent to do so.

On April 20, 2010, an explosion on the BP operated drilling rig, Deepwater Horizon, caused a fire and massive oil spill.  To this day, BP has yet to stop the leaking of millions of gallons of crude oil into the Gulf of Mexico.  According to numerous media reports, BP knew of, but did not disclose to the public, significant deepwater drilling safety issues and problems.  The consequences of these events are devastating.

Significantly, these events are negatively impacting the retirement savings of BP Employee Savings Plan participants.  The BP Employee Savings Plan had more than $2 billion invested in BP stock at the end of 2009.  Since the Deepwater Horizon explosion in April, the value of BP’s common stock has declined by almost 50%, thereby decimating the retirement savings of BP employees whose plan accounts are invested in BP stock.

Milberg LLP has been representing individual and institutional investors for over 40 years and serves as lead counsel in federal and state courts throughout the United States.  The Firm has offices in New York City, Los Angeles, Tampa, and Detroit.  Please visit the Milberg LLP website for more information about the Firm.

If you have suffered losses in the BP Employee Savings Plan and would like more information on Milberg’s investigation, you may fill out the form to the right or contact one of the following attorneys:

Lori G. Feldman, Esq.
Milberg LLP
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
Email: LFeldman@milberg.com
Admitted in New York and Washington

Arvind B. Khurana, Esq.
Milberg LLP
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
Email: AKhurana@milberg.com
Admitted in New York

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