Law Office Of Brodsky & Smith, LLC Announces Investigation Of BP Corporation North America, Inc. 401(k) Plan
Law office of Brodsky & Smith, LLC announces that it is investigating BP Corporation North America, Inc. (“BP” or the “Company”) (NYSE:BP) investment of Plan participants and beneficiaries assets in company stock or BP American Depository shares. The investigation concerns whether administrators breached their fiduciary duties and violated the Employee Retirement Income Security Act of 1974 (“ERISA”) by investing and/or continuing to invest assets in company stock when it was not a prudent investment for participants’ retirement savings.
The investigation concerns improper behavior that harmed current and former employees that invested in the 401(k) plan. Specifically, administrators failed to disclose the true risks of the Deepwater Horizon rig to participants in the 401(K) plan. As a result, the plan’s investment of nearly 2 billion in Company stock or depository shares has fallen approximately 50% in value.
If you held BP stock in an individual account under any of the Company’s
401(k) plans and wish to discuss the legal ramifications of the
administrator’s investment in Company stock, you may e-mail or call the
law office of Brodsky & Smith, LLC who will, without obligation or cost
to you, attempt to answer your questions. You may contact Jason L.
Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two
Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at
or by calling toll free 877-LEGAL-90.
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