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BP shareholder sues executives over Gulf oil spill

By KEVIN McGILL, Associated Press Writer Kevin Mcgill, Associated Press Writer

Mon May 10, 11:37 am ET

NEW ORLEANS A BP shareholder has filed suit against the corporation's top

executives because of the offshore rig disaster that has led to the growing oil

leak in the Gulf of Mexico.

Filed in federal court in New Orleans on Friday, the lawsuit by Pennsylvania

resident Katherine Firpo accuses Anthony B. Hayward, the chief executive

officer of BP PLC, and other executives of the London-based corporation, of

ignoring safety issues on rigs such as the Deepwater Horizon, which exploded on

April 20.

And she accuses them of pursuing cost-cutting measures at the expense of

safety, while lobbying government authorities to decrease safety regulation.

The lawsuit says the rig accident and the leak it caused will cost BP tens of

billions of dollars.

The suit is a "shareholder derivative" suit, meaning it was filed by a

shareholder on the company's behalf. Among other things, the lawsuit seeks

court-ordered changes in BP's corporate governance, and an order that the

executives pay monetary damages.

A BP spokesman declined comment Monday.

The lawsuit is among a flurry of lawsuits filed by rig workers or their

families and by fishermen and business owners claiming economic damage.

Firpo's lawsuit says safety issues have been ignored even after a similar

lawsuit filed in 2006 was settled out of court. Corporate executives made

"purely cosmetic changes at the corporate level" after the settlement, the suit

says.

"The BP Defendants have a long history of ignoring crucial safety issues

related to the operation of offshore submersible rigs such as the Deepwater

Horizon rig, including problems with the crucial blowout preventer devices that

so spectacularly failed during this disaster," the lawsuit says.

The lawsuit also names three other corporations it says are liable to BP as a

result of the disaster: The rig's owner-operator Transocean Ltd.; Cameron

International Corp., which manufactured the blowout preventer; and Halliburton

Energy Services Inc., which had been working to cap the well with cement prior

to the explosion.

In an e-mail, Haliburton spokeswoman Teresa Wong said "it is premature and

irresponsible to speculate on any specific causal issues" and declined further

comment, citing pending investigations and litigation. Transocean declined

immediate comment and a Cameron spokesman said the company does not comment on

litigation.