MDL Panel Centralizes BP Securities Litigation in Southern District of Texas to Judge Keith P. Ellison

Deepwater Horizon Flaring Operation
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The U.S. Judicial Panel on Multidistrict Litigation considered a motion, pursuant to 28 U.S.C. § 1407, to centralize certain securities litigation related to BP in the Western District of Louisiana.  In re BP P.L.C. Securities Litigation, MDL No. 2185, — F.Supp.2d —-, 2010 WL 3238321 (U.S. Jud. Pan. Mult. Lit. Aug. 10, 2010).  The actions all involve alleged violations of Sections 10(b) (and Rule 10b-5 promulgated thereunder) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. § 78a, et seq., and share allegations that BP and its executives misled the investing public concerning the company’s safety measures and commitment to conducting safe operations.  The Panel transferred the proceedings to the Southern District of Texas, to Judge Keith P. Ellison. Read the rest of this entry »