The Race to the Courthouse Begins

Francis Pileggi links to a 62-page shareholder derivative complaint filed against BP and key officers and directors thereof, claiming various and sundry breaches of fiduciary duty. I'm somewhat appalled. We don't even know yet what damages BP will end up suffering, so the suit is purely speculative. Plus, the suit is riddled with allegations and claims for relief that have very little to do with shareholder value. File this one as yet another exhibit in the case for litigation reform.