The Lanier Law Firm Investigating 401(k) Retirement Plan for BP Employees
NEW YORK - The Lanier Law Firm is investigating possible legal claims related to a 401(k) retirement plan for U.S. employees of energy giant BP (NYSE: BP). The law firm believes there are potential violations of the Employee Retirement Income Security Act of 1974 ("ERISA") by those in charge of BP's retirement plan, which is known as the BP Employee Savings Plan ("ESP").
The Lanier Law Firm has maintained a prominent role in the BP litigation since filing one of the nations' first class-action lawsuits against BP following the April 20 explosion on the Deepwater Horizon drilling rig in the Gulf of Mexico. BP has yet to stop the millions of gallons of crude oil currently spewing into the gulf.
"BP not only disregarded important safety rules, they also took unbelievably unnecessary risks, which is why people are facing one of the worst environmental and financial disasters in history," says attorney Evan Janush of The Lanier Law Firm. "There are laws designed to protect employees from the precise, devastating scenario facing a lot of workers at BP."
At the end of 2009, BP's U.S. Employee Savings Plan had more than $2 billion invested in BP stock. Since the explosion and eruption of oil, BP's stock price has fallen by approximately half, accounting for more than $100 billion in lost stock value. The retirement plans for many company employees are tied to the stock, costing them what is believed to be hundreds of millions of dollars.
The Lanier Law Firm founder Mark Lanier, who recently was named by The National Law Journal as one of the most influential attorneys in the nation during the past decade, says the people responsible for BP's 401(k) plan knew or should have known about the company's inability to provide a safe work environment on the Deepwater Horizon, as well as its inability to contain the massive release of oil - two factors that have contributed heavily to the downturn in BP's stock price.
The law firm has identified several potential legal claims for participants in the BP Employee Savings Plan whose accounts included units from the BP stock fund. Learn more at www.lanierlawfirm.com.
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