Weiss & Lurie has been named co-lead counsel in In re BP p.l.c. (“BP”) Derivative Litigation in the Southern District of New York. The complaint alleges gross mismanagement and breaches of fiduciary duty by BP’s Officers and Directors which resulted in the 2005 explosion at BP’s Texas City refinery, criminal and civil investigations and fines relating to BP’s manipulation of the propane, crude oil and gasoline markets and caused the largest oil spill ever in Prudhoe Bay, Alaska, which ultimately caused the closing down of Prudhoe Bay’s oil production.

Update

On November 13, 2006, the Court appointed Weiss & Lurie as Lead Counsel, and their clients as Lead Plaintiffs in this case.

On January 31, 2007 Plaintiffs filed their Second Amended Derivative Complaint alleging widespread breaches of fiducairy duties owed to the Company and its shareholders by the Defendants.

On July 23, 2007 the Court dismissed Plaintiffs' Derivative Complaint with prejudice.

On August 21, 2007 Plaintiffs timely filed their Notice of Appeal with the Second Circuit Court of Appeals from the Order of Dismissal of the trial court. The Appeal is currently pending.