BP to pay $175M to investors in oil-spill lawsuit

BP to pay $175M to investors in oil-spill lawsuit

HOUSTON

BP announced Friday that it has agreed to pay $175 million to settle a class-action lawsuit filed by investors who accused the oil giant of misleading them about the rate of oil flowing after the 2010 Deepwater Horizon rig explosion in the Gulf of Mexico.

In a brief statement, BP said it will pay the investors over this year and next year. U.S. District Judge Keith Ellison in Houston still needs to approve the deal.

BP said the agreement doesn’t resolve other securities-related litigation relating to the disaster, which killed 11 workers and poured millions of gallons of crude oil into the Gulf for 87 days.

The lawsuit said BP’s low estimates of the rate of oil spewing into the Gulf inflated securities prices. It also accused BP of misrepresenting its safety procedures before the spill.

The lawsuit dealt with purchases of BP American Depositary Shares between Nov. 8, 2007, and May 28, 2010.

US trade deficit increases 5.3%

WASHINGTON

The U.S. trade deficit, after falling to the lowest point in more than two years, increased in April as a surge in imported goods outpaced a rebound in exports.

The Commerce Department said Friday that the deficit increased 5.3 percent in April to $37.4 billion, up from an imbalance of $35.5 billion in March. Exports increased 1.5 percent to $182.8 billion, but imports rose faster, increasing 2.1 percent to $220.2 billion.

The politically sensitive deficit with China surged 16.3 percent to $24.3 billion, a development certain to heighten trade tensions between the world’s two largest economies.

Wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Alcoa Inc., .129.53.20

Aqua America, .71 33.38 .39

Avalon Holdings,2.10.00

Cortland Bancorp, .2815.50—.70

Farmers Nat., .129.21 —.07

First Energy, 1.44 33.82.51

Fifth/Third, .5218.82—.48

FirstMerit Corp., .6822.55 —.34

First Niles Financial, .207.97—1.03

FNB Corp., .4813.16—.28

General Motors, 1.5229.60—.66

General Electric, .9229.95—.10

Huntington Bank, .28 10.36—.20

iHeartMedia Inc.,1.03 .00

JP Morgan Chase, 1.7664.64—1.18

Key Corp, .3012.71—.25

LaFarge, .3417.57 .00

Macy’s, 1.44 34.34—.01

Parker Hannifin, 2.52 116.07.19

PNC, 2.0488.57—1.44

Simon Prop. Grp., 6.40199.502.10

Stoneridge 16.22 —.42

Talmer Bank, .20 20.07—.15

United Comm. Fin., .10 5.91—.13

Selected prices from Friday’s 4 p.m. close.