"U.S. Supreme Court Rejects Appeal In Shareholder Suit Against BP"

"The U.S. Supreme Court on Monday declined a request from shareholders seeking to revive their class action lawsuit against BP claiming the British oil company misrepresented its safety procedures prior to the 2010 Gulf of Mexico oil spill.

The court left in place a September 2015 ruling by the New Orleans-based 5th U.S. Circuit Court of Appeals that refused to certify the lawsuit filed by investors who bought shares in the 2-1/2 years before the spill. BP's (BP.L) share price plummeted after the disaster, which has cost the company more than $55 billion.

BP said in court papers the lawsuit should not be allowed to proceed because the plaintiffs were improperly seeking damages for the entire decline in stock price as a result of the spill."

Lawrence Hurley reports for Reuters May 2, 2016.