The information contained on this website is only a summary. Your rights and options are explained in the Notice of Proposed Settlement of Class Action, Final Approval Hearing, and Motion for Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Long-Form Notice”), which you may download by clicking here.
BP and Lead Plaintiffs for the “Post-Explosion” class have agreed to a settlement (“Settlement”) in the amount of $175 million, payable during 2016-2017, subject to Court approval. The Settlement generally covers investors who purchased BP American Depositary Shares (“ADSs”) between April 26, 2010 and May 28, 2010. This Settlement does not resolve other BP securities-related litigation in connection with the Gulf of Mexico oil spill.
YOU MAY SUBMIT A CLAIM BY DOWNLOADING AND PRINTING THE HARD-COPY PROOF OF CLAIM AND RELEASE FORM AND MAILING THE COMPLETED FORM TO THE CLAIMS ADMINISTRATOR. ALTERNATIVELY, YOU MAY SUBMIT YOUR CLAIM ONLINE.
CLICK HERE TO DOWNLOAD THE PROOF OF CLAIM AND RELEASE.
CLICK HERE TO SUBMIT YOUR CLAIM ONLINE.
The Court in charge of the Action must decide whether to approve the proposed Settlement. Payments will be made if the Court approves the proposed Settlement and, if there are any appeals, after they are resolved. Please be patient.
These rights and options – and the deadlines to exercise them – are explained in the Long-Form Notice.
YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT
SUBMIT A CLAIM FORM BY APRIL 1, 2017
You can show that you are a Settlement Class Member and can get payment from the Settlement. If the proposed Settlement is finally approved by the Court, you may share in the proceeds if your claim is received, timely, and valid and you meet other requirements of the Plan of Allocation (which you may download by clicking here). This is the only way to receive a payment. You will be bound by the Judgment and by the release described in Section XII of the Long-Form Notice if you stay in the Settlement Class, regardless of whether you submit a claim.
EXCLUDE YOURSELF BY SUBMITTING A WRITTEN REQUEST BY JANUARY 17, 2017
You can ask to be excluded from the Settlement Class by submitting a written request by U.S. mail (to the Claims Administrator’s address provided below), postmarked no later than January 17, 2017. If you request exclusion, you will receive no payment from this Settlement, will not be part of the Settlement Class, and will not be bound by any Final Judgment entered by the Court. This is the only option that allows you to participate in a separate lawsuit against Defendants or the Defendant Released Persons concerning the legal claims being released in the Settlement.
OBJECT BY SUBMITTING A WRITTEN OBJECTION BY JANUARY 17, 2017
If you remain part of the Settlement Class but have an objection to the proposed Settlement, Plan of Allocation, or Lead Counsel’s application for attorneys’ fees and reimbursement of expenses, you may write to the Court to explain why in accordance with the instructions in Section X of the Long-Form Notice.
ATTEND THE SETTLEMENT HEARING ON FEBRUARY 13, 2017
If you remain part of the Settlement Class, you can write to the Court in accordance with the instructions in Section XIV of the Long-Form Notice and ask to speak at the Final Approval Hearing on February 13, 2017, at 1:00 p.m., when the Court considers the fairness of the Settlement, Plan of Allocation, and Lead Counsel’s application for attorneys’ fees and reimbursement of expenses. You do not need to appear at the Final Approval Hearing in order to participate in the Settlement.
You will receive no payment and give up your rights to sue Defendants regarding the claims that are resolved by this Settlement. You will still be a Member of the Settlement Class and will be bound by any Final Judgment entered by the Court.
The Settlement Class:
The Settlement Class comprises: All persons and entities who purchased or otherwise acquired BP’s American Depositary Shares (“ADS”) from April 26, 2010 through and including May 28, 2010 (the “Class Period”). Excluded from the Settlement Class are Defendants; the officers and directors of BP, or any affiliate thereof; the members of the immediate families of the foregoing; the legal representatives, heirs, successors-in-interest or assigns of any such excluded Person; those Persons who would otherwise be a Settlement Class Member but timely and properly excluded herself, himself, or itself pursuant to the Notice of Pendency approved by the Court on November 18, 2015; and any Person who would otherwise be a Settlement Class Member but timely and properly excludes herself, himself, or itself by filing a valid and timely request for exclusion in accordance with the requirements set forth in the Settlement Notice.
The Class includes only purchasers or those who acquired BP ADSs during the Class Period. BP’s ADSs are listed and traded on the New York Stock Exchange under the symbol “BP.” The Class does not include purchasers of BP Ordinary Shares, which primarily traded on the London Stock Exchange. If you purchased only BP Ordinary Shares, you are not a member of the Class.
The proposed Settlement will create a cash fund in the principal amount of $175,000,000 in cash (the “Settlement Amount”) plus any interest that may accrue thereon (the “Settlement Fund”). Lead Plaintiffs’ damages expert estimates that approximately 149.7 million shares may have been affected by the conduct at issue in the Action during the period from April 26, 2010 through and including May 3, 2010, and that approximately 275.7 million shares may have been affected during the period from May 4, 2010 through and including May 28, 2010. If all eligible Settlement Class Members elect to participate in the Settlement, the estimated recovery for Settlement Class Members who purchased in the period from April 26, 2010 through and including May 3, 2010 will be $0.97 per affected ADS before the payment of attorneys’ fees, costs and expenses; the estimated recovery for Settlement Class Members who purchased in the period from May 4, 2010 through and including May 28, 2010 will be $0.11 per affected ADS before the payment of attorneys’ fees, costs and expenses. Settlement Class Members should note, however, that these are only estimates based on the overall number of potentially affected shares. Some Settlement Class Members may recover more or less than these estimated amounts. Lead Plaintiffs’ damages expert estimates that total recoverable damages for the period from April 26, 2010 through and including May 3, 2010 are approximately $286 million.
Further information regarding the calculations for an eligible Proof of Claim recovery is included in the Plan of Allocation, which can be viewed and downloaded by clicking here.
Statement of Recovery:
Your individual recovery from the Settlement Fund will depend on numerous factors, including (1) the number of BP ADSs you purchased during the Class Period, as well as the timing and share price of your purchases and any sales; (2) the number of valid claims submitted by other members of the Settlement Class and the amount of recoverable losses associated with those claims; (3) administrative costs, including the costs of distributing notice to the Settlement Class and administration of the Settlement Fund; and (4) the amount awarded by the Court for attorneys’ fees and expenses.
As a Class Member, you will be represented by Lead Counsel:
Steven J. Toll
Julie Goldsmith Reiser
Joshua S. Devore
COHEN MILSTEIN SELLERS & TOLL PLLC
1100 New York Avenue NW
Washington, DC 20005-3694
Telephone: (202) 408-4600
Facsimile: (202) 408-4699
Steven J. Buttacavoli
Mark A. Delaney
One Liberty Square
Boston, MA 02109
Telephone: (617) 542-8300
Facsimile: (617) 542-1194
Jeffrey C. Block
Jason M. Leviton
BLOCK & LEVITON LLP
155 Federal Street, Suite 400
Boston, MA 02110
Telephone: (617) 398-5600
Facsimile: (617) 507-6020
Counsel to OPERS
Although the Court has appointed attorneys to represent the Class, you have the right to retain your own personal counsel at your own expense. However, you are not required to retain separate counsel. If you do not retain separate counsel and remain a member of the Class, your interests will be represented by Class Counsel and by the representatives of the Class.