Appeals Court Gives Go-Ahead on BP Investor Suit
Last year, Judge Ellison permitted the certification of a class of investors who purchased BP stocks from April 26 to May 28, 2010. Ellison, however, ruled that investors who purchased BP securities in the 2 ½-year period before the spill were not permitted to sue as a class. Disappointed, both BP and the plaintiffs’ attorneys appealed the rulings. Writing for the unanimous panel, Circuit Judge Patrick Higginbotham found that the question of BP executives’ forthrightness during the early days of the spill was “undeniably common to the class, and is susceptible of a class-wide answer.”