NY state pension to sue BP for loss

NEW YORK: New York state's pension fund plans to sue BP to recover losses from the drop in the company's stock price due to its "disastrous" oil spill, Comptroller Thomas DiNapoli said on Wednesday.

New York's Common Retirement Fund has a long history of serving as the lead plaintiff in shareholder lawsuits and DiNapoli in a statement said the fund owned more than 19 million shares when the Deepwater Horizon rig exploded.

DiNapoli, the sole trustee of the $132.6 billion state pension fund, said he has hired a law firm, Cohen Milstein Sellers & Toll PLLC, to represent the fund in a class action.