Judge Rules Against BP In US Pension Dispute (30/03/2024)

In a long running BP pension dispute in the US a federal judge ruled that the company “committed fraud or similarly inequitable conduct” in how it announced a pension formula change more than 30 years ago. For details see: https://www.prnewswire.com/news-releases/merrick-hofstedt–lindsey-ps-and-james-vernon–weeks-bp-retirees-prevail-in-federal-court-302103753.html

Whilst it’s not directly comparable to the BP defined benefit pension dispute with UK pension scheme members, it’s a symptom of how the company treats its retirees. This should be a wake-up call for BP’s leaders, and they should take the opportunity to resolve all such disputes.