Case Page


Case Status:    SETTLED
On or around 10/15/2010 (Date of order of final judgment)

Filing Date: October 18, 2006

The original complaint alleges defendants, specifically, certain individuals at BP, violated section 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint alleges that on August 4, 2006, the Friday before BPs Monday press release announcing the shutdown of Prudhoe Bay, BPT share closed at $87.89 per share. As a result of the disclosures, on August 6 and 7, 2006 of defendants’ wrongdoing, on August 8, 2006, the price of BPT shares fell and closed at $73.61 per share. By September, the price had decline to $67.25 as a result of public disclosures concerning defendants’ misconduct.

On March 2, 2007, Judge Marsha J. Pechman granted the motion to consolidate the case and further granted the motion for appointment of the Teramura Family Trust Group as Lead Plaintiff and Zwerling Schachter & Zwerling LLP as Lead Counsel. On May 1, 2007, a Consolidated Amended Class Action Complaint was filed. On June 15, 2007, the defendants filed a motion to dismiss the Consolidated Amended Class Action Complaint.

According to an article dated November 30, 2007, on October 26, 2007, the U.S. District Court for the Western District of Washington denied a company and its individual officers and directors' motion to dismiss a securities fraud class action against it, finding that the plaintiffs adequately alleged scienter and met the requirements for the group pleading doctrine.

On November 19, 2007, an order setting trial date and related dates was entered. However, an amended order setting trial date and related dates was entered on November 21, 2007. On November 29, 2007, a stipulation and order was entered and filed by The Teramura Family Trust Group. Later on, an order granting in part and denying in part the motion for protective order was entered on February 25, 2008. On May 08, 2008, a motion to certify class was filed by The Teramura Family Trust Group. An order regarding briefing schedule with respect to class certification motion was entered on May 20, 2008. On July 22, 2008, a stipulation and proposed order was entered in regards to the attorney withdrawal by parties. Lastly, a stipulation and order permitting a total of eighteen pages for lead plaintiff’s reply brief to further support of the motion of lead plaintiff for class certification was entered.

On March 16, 2009, the plaintiffs filed a motion for an order preliminarily approving a proposed settlement in the amount of $43,250,000.00 in cash. On April 8, 2009, the motion was granted and a Final Settlement Hearing was set for June 30, 2009. At the Final Settlement Hearing, Judge Marsha J. Pechman approved the settlement and dismissed the action with prejudice. The case is now closed.

On October 8, 2010, the Court issued an Order Approving Initial Distribution Of The Net Settlement Fund in accordance with the Stipulation. The second distribution was granted on September 7, 2011.


Sector: Financial
Industry: Misc. Financial Services
Headquarters: United States


Ticker Symbol: BPT
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data

"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: W.D. Washington
DOCKET #: 06-CV-01505
JUDGE: Hon. James L. Robart
DATE FILED: 10/18/2006
CLASS PERIOD END: 08/04/2006
  1. Bragar, Wexler, Eagel & Morgenstern, L.L.P.
    885 Third Avenue, Suite 3040 , Bragar, Wexler, Eagel & Morgenstern, L.L.P., NY 10022
    212.308.5858 ·
  2. Hagens Berman Sobol Shapiro LLP (Seattle)
    1301 Fifth Avenue, Suite 2900, Hagens Berman Sobol Shapiro LLP (Seattle), WA 98101
    206-623-7292 206-623-0594 ·
  3. Kirby McInerney & Squire LLP
    830 Third Avenue 10th Floor, Kirby McInerney & Squire LLP, NY 10022
    212.317.2300 ·
No Document Title Filing Date
COURT: W.D. Washington
DOCKET #: 06-CV-01505
JUDGE: Hon. James L. Robart
DATE FILED: 05/01/2007
CLASS PERIOD END: 02/05/2007
  1. Zwerling Schachter & Zwerling LLP (New York)
    41 Madison Avenue-32nd Floor, Zwerling Schachter & Zwerling LLP (New York), NY 10010
    212.223.3900 212.223.3900 ·
  2. Zwerling Schachter & Zwerling LLP (Seattle)
    1904 Third Avenue, Suite 1030, Zwerling Schachter & Zwerling LLP (Seattle), WA 98101-1170
    206.223.2053. 206.223.2053. ·
No Document Title Filing Date