New York City Sues BP over Oil Spill

Claims city's pension funds lost millions because of company's behavior

New York City said on Friday it sued BP Plc for more than $39 million of losses it claims beneficiaries of the city's pension funds sustained due to BP's "misconduct and fraudulent behavior" linked to the 2010 Deepwater Horizon oil spill.

"BP failed to disclose to shareowners the serious risks involved in its offshore drilling operation," Comptroller John Liu said. "After the spill began, it misleadingly attempted to minimize the extent of the damage and the cost to shareowners."

The lawsuit, filed in the Southern District of New York, alleges BP failed to disclose facts about the dangers involved in offshore drilling operations, the extent of the leak and the estimated cost of the cleanup costs.