Defendant Name: BP p.l.c.

Defendant Type: Public Company

Document Reference: court_doc44_12-cv-02774

Document Details

Legal Case Name SEC v. BP p.l.c.
Document Name Order to Transfer Funds for Distribution
Document Date 01-May-2020
Document Format Civil Proceeding
Case Number 12-cv-02774
Federal District Court Louisiana, Eastern District of Louisiana
Federal District Judge Carl Barbier
Allegation Type Issuer Reporting and Disclosure
Document Summary On May 1, 2020, the Court granted the SEC's motion for an order to transfer funds for distribution.

Disgorgement & Penalty Information

Resolutions
The Court ordered that: "1. The Commission shall issue a payment for $2,072,743.86 payable to the “SEC v. BP Fair Fund,” by ACH transfer to an escrow account established at The Huntington National Bank (the “Escrow Account”); and 2. The Distribution Agent shall distribute these funds, along with the $1,215,486.17 currently remaining in the Escrow Account to Eligible Claimants in accordance with the terms of the Distribution Plan."
Fair Funds
Plan of Distribution

Related Documents:

comp-pr2012-231 15-Nov-2012 Complaint
Complaint
On November 15, 2012 the SEC filed a complaint against the company. According to the complaint "In three public filings furnished to the Commission and made available to investors, BP misled investors by misrepresenting and omitting material information known to BP regarding the rate at which oil was flowing into the Gulf and, thus, the resulting liability for the oil spill" after "an explosion occurred on the offshore oil rig Deepwater Horizon...leased by a subsidiary of BP p.l.c."
LR-22531 15-Nov-2012 Litigation Release
BP to Pay $525 Million Penalty to Settle SEC Charges of Securities Fraud During Deepwater Horizon Oil Spill
On November 15, 2012, the SEC published a litigation release in this matter. According to the release, "BP agreed to settle the SEC's charges by paying the third-largest penalty in agency history at $525 million. The SEC plans to establish a Fair Fund with the BP penalty to provide harmed investors with compensation for losses they sustained in the fraud." In addition, BP has pleaded "guilty to criminal conduct in United States v. BP Exploration and Production, Inc., a matter brought by the United States Department of Justice relating to certain matters alleged in the SEC's complaint."
2012-231 15-Nov-2012 Press Release--Civil Action
BP to Pay $525 Million Penalty to Settle SEC Charges of Securities Fraud During Deepwater Horizon Oil Spill
On November 15, 2012, the SEC announced that it filed a complaint in the U.S. District Court for the Eastern District of Louisiana charging BP p.l.c. ("BP") with misleading investors while its Deepwater Horizon oil rig was gushing into the Gulf of Mexico by significantly understating the flow rate in multiple reports filed with the SEC. Further, BP executives made numerous public statements after the filings were made in which they stood behind the underestimated flow rate, even though they had internal data indicating otherwise. Months later, a government task force determined the flow rate estimate was actually more than 10 times higher than that reported by BP, yet BP never corrected or updated the misrepresentations and omissions it made in SEC filings for investors. In order to settle the SEC's charges, BP consented to the entry of a final judgment ordering it to pay a $525 million penalty and permanently restraining and enjoining the company from violating Sections 10(b) and 13(a) of the Securities Exchange Act of 1934 and Rules 10b-5, 12b-20 and 13a-16 thereunder. The proposed final judgment is subject to court approval. If approved, the SEC plans to establish a Fair Fund with the BP penalty to provide harmed investors with compensation for losses they sustained in the fraud.
court_doc5_12-cv-02774 10-Dec-2012 Court Docket Document
Final Judgment as to Defendant BP p.l.c.
On December 10, 2012, Federal District Judge Carl Barbier entered final judgment against BP p.l.c. pursuant to the consent of BP p.l.c.
court_doc28_12-cv-02774 12-Feb-2014 Court Docket Document
Order to Establish a Fair Fund and to Appoint a Distribution Agent
On February 12, 2014, the SEC's consent motion to establish a fair fund and appoint a distribution agent was granted in the matter SEC v. BP p.l.c.
court_doc37_12-cv-02774 03-Feb-2016 Court Docket Document
Order Approving a Distribution Plan for the Fair Fund
On February 3, 2016, the Court approved the SEC's proposed distribution plan.
court_doc42_12-cv-02774 14-Aug-2018 Court Docket Document
Order to Transfer Funds for Distribution
n August 14, 2018, the Court granted the SEC's motion for an order to transfer funds for distribution.
court_doc50_12-cv-02774 26-Jul-2023 Court Docket Document
Order Approving a Distribution Plan for the BP Fair Fund and Including Post-Judgment Interest in the Fair Fund
On July 26, 2023, the Court ordered the SEC's motion for an order approving a distribution plan for the BP Fair Fund and Including Post-Judgment Interest in the Fair Fund, along with the Distribution Plan itself.

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SEC v. Keith A. Seilhan