Two pension funds have filed a lawsuit seeking to halt millions in retirement benefits due to John Browne, the outgoing chief executive of oil giant BP.
Unite Here, a US clothing, hotel and restaurant union, and the London Pensions Fund Authority have filed a
lawsuit in Alaska’s Superior Court seeking to temporarily place
Browne’s severance package in short-term UK Treasury Gilts or other
liquid assets approved by the court until the lawsuit is resolved.
In the lawsuit, the pension schemes say Browne’s package is
excessive and add the outgoing executive does not deserve such a hefty
payoff because of BP’s poor performance and the company’s environmental
and labor disputes.
Financial News Online US