- Associated Press - Thursday, November 12, 2015

PROVIDENCE, R.I. (AP) - The state’s public employee retirement system is suing two fossil fuel companies over oil spills it says cost the pension fund $4 million.

Treasurer Seth Magaziner said Thursday the Employees’ Retirement System of Rhode Island is taking part in class action lawsuits against BP and Plains All American Pipeline.

The treasurer’s office says the system was named a co-lead plaintiff in the BP lawsuit and is pursuing that role in the other suit.

In May, a corroded pipeline owned by Plains All American released crude near Santa Barbara, California.

The treasurer’s office says the price of Plains securities fell and Rhode Island’s pension system lost $3.9 million.

The office says the system lost $150,000 on its investment in BP after two oil spills in 2006 in Alaska.



Click to Read More

Click to Hide