BP Unit Accused of Mismanaging Retirement Plans by Investing in Own Stock

[xchrom]

http://www.bloomberg.com/news/2011-05-28/bp-unit-mismanaged-employees-retirement-plans-before-spill-workers-say.html

BP PLC (BP) North American unit was accused in a lawsuit by its employees of mismanaging their retirement savings plans by investing heavily in its own stock before last year’s Gulf of Mexico oil spill.

BP’s safety and compliance record before the April 2010 sinking of the Deepwater Horizon drilling rig made the company’s U.S. shares an “imprudent investment,” according to a consolidated master complaint filed yesterday in federal court in Houston. BP Corp. North America Inc., its directors and members of the savings plan committee breached their fiduciary duty by buying BP stock and “failing to divest the plans” of the shares, the employees said.

[blindpig]

1. Slimier than an oil slick

But ya know that falls within the definition of 'due diligence', by investing that fund in the company the investors benefit, and that's all it's about.

It's the Capitalism, what are we going to do about it?

[xchrom]

2. too many people who are 'thought of' as being on the left don't see a problem here

and to some certain extent believe it to be 'self correcting'.