Sunday, August 20, 2006
Baked Alaska Pipeline
Last week, shareholders of BP p.l.c. (NYSE: BP) filed a derivative lawsuit in the United States District Court for the Southern District of New York. The case has been assigned to Judge Harold Baer.
The complaint alleges that BP had known for years about the severe pipeline corrosion that led to the shutdown of the Prudhoe Bay oil field earlier this month, but failed to adequately monitor and repair the oil transit lines that feed into the 800-mile Trans Alaska Pipeline System.
A copy of the complaint is available here.
In what can only be described as an unusual occurrence, the complaint lists but a single attorney as counsel for the plaintiff, Jules Brody of Stull, Stull & Brody.
Daily Trivia: The population of Prudhoe Bay is approximately 47 people, and a billion caribou.