Investors, including large US pension funds, are alleging the breach of US securities laws as a way of gaining compensation over the fall in BP's share price after the oil leak in the Gulf of Mexico. The case is being heard by District Judge Keith P Ellison in Houston. The investors are claiming that the company lied about the size of the catastrophe and that senior managers were cutting back on safety spending at the same time as making public declarations on a safety commitment. BP lawyers are demanding that plaintiffs need to show that the 'alleged misrepresentatons Hundreds of lawsuits have been filed against the oil company. In September BP will be back in court in proceedings which will determine the size of the fine it faces under the US Clean Water Act.
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