Shareholder derivative lawsuits against directors and officers of British Petroleum in the wake of the company's offshore oil rig explosion could result in sizeable recoveries based on current litigation trends, an expert in the field says.
That forecast came from Kevin LaCroix, an attorney and author of the “D&O Diary” blog (www.dandodiary.com/), who is also a broker for OakBridge Insurance Services in Beachwood, Ohio.
Mr. LaCroix said recent patterns point to the possibility of a cash payout resulting from lawsuits–such as the one filed May 7 by BP shareholder Katherine Firpo, on behalf of BP, against some of the oil company's directors and officers and other defendants.
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