SEC v. BP P.L.C. Case No. 12-cv-2774-CJB-SS (E.D. La.)
Aug. 29, 2022
On November 15, 2012, the Commission filed its Complaint in the Eastern District of Louisiana alleging that BP P.L.C. ("BP") made material misrepresentations and omitted material information known to BP regarding the rate at which oil was flowing into the Gulf of Mexico ("flow rate") as a result of the April 20, 2010 explosion on the offshore oil rig Deepwater Horizon, leased and operated by a subsidiary of BP.
By Order dated December 10, 2012, the Court entered a Final Judgment enjoining BP from future violations of the federal securities laws and ordering BP to pay a civil penalty to the Commission in the amount of $525 million to be paid in three equal installments over a two year period. The funds have all been paid by the Defendant and are now invested with the Bureau of the Fiscal Service at the United States Department of the Treasury ("Treasury"). The Final Judgment further stated that the funds from the civil penalty, together with any interest and income earned, would be held by the Commission and provided that the Commission "may propose a plan to distribute the Fund subject to the Court's approval."
On February 12, 2014, the Court established a Fair Fund pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act"), as amended by Section 929B of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 ("Fair Fund"), and appointed RCB Fund Services, LLC ("RFS") as the Distribution Agent responsible for administering the Fair Fund. RFS, in consultation with Commission staff, prepared a Distribution Plan for the BP Fair Fund. On February 3, 2016, the Court issued an Order approving a Distribution Plan for the Fair Fund.
On August 14, 2018, the Court entered an order directing disbursement of $473,991,524.47 to eligible investors in accordance with the Distribution Plan. See the Court's Order.
For more information, please contact the Distribution Agent: