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How BP Screwed Over 42 State Retirement Funds, Including Alabama And Florida
BP oil spill costs state pension funds about $1.4 billion; Alabama selling off its 6.25 million BP shares
The California Public Employees’ Retirement System lost $284.6 million in value as the largest oil spill in U.S. history erased more than $1.4 billion from BP PLC shares held by 42 state retirement accounts, data compiled by Bloomberg show.
BP, the biggest producer of oil and gas in the U.S., has lost 47 percent of its value since a Gulf of Mexico well blew out April 20, destroying the Deepwater Horizon drilling rig, killing 11 of its crew and polluting beaches from Louisiana to Florida.