Third-Largest Public Pension Fund in United States Initiates Lawsuit Against BP

New York's public pension fund is suing BP over huge losses caused by the oil giant's plunging stock price, CNNMoney reports.

The New York State Common Retirement Fund—the third-largest public pension fund in the country—claims in a class-action lawsuit to have owned 19 million shares when the spill occurred. BP's stock price has since fallen by 50%, equal to a loss of $574.6 million for the $132.6 billion fund.

"BP misled investors about its safety procedures and its ability to respond to events like the ongoing oil spill and we're going to hold it accountable," said the Democratic comptroller, who will stand for election in November in the race for New York comptroller.