The Supreme Court on Monday rejected a challenge from BP shareholders against the oil company for misleading them on its safety record before the Deepwater Horizon disaster in the Gulf of Mexico.
The high court said it would not take up their arguments. The shareholders had petitioned the court in January after losing their case in a federal appeals court in September.
The 2010 BP oil spill killed 11 workers on an offshore oil platform, causing the worst disaster in the industry’s history by spilling millions of gallons over a period of months. Lower courts have found the company negligent on several counts, and the company has had to pay out billions of dollars in compensation.
The shareholders who petitioned the Supreme Court had argued that before they acquired significant shares in the company ahead of the disaster, BP misrepresented its safety record.
The Fifth Circuit Court of Appeals had denied their claims for not effectively establishing harm, saying some of the investors could have decided to buy stock even if they had adequate knowledge of the company’s safety record. However, the court in the same ruling agreed with claims made by investors who bought stock after the disaster.
