BP Plc was sued by members of its employee savings plan over losses tied to the company’s plunging stock price amid the oil leak disaster in the Gulf of Mexico.

BP has lost more than half of its market value since the April 20 explosion that caused the largest oil spill in U.S. history. The fire and blast aboard the Deepwater Horizon drilling rig that was working on a well for London-based BP killed 11 members of its crew.

The lawsuit, for which the workers are seeking class- action, or group, status was filed yesterday in federal court in Chicago.

“Defendants knew or should have known that investment in BP Plc equity was -- and continues to be -- an imprudent investment of the ESP’s assets due to serious mismanagement and improper business practices that resulted in catastrophic incidents of international significance, including, among others, the BP spill in the Gulf of Mexico,” the plaintiffs claimed.

Full-time, part-time, occasional and temporary employees are eligible to invest in the employee savings plan, or ESP, according to the lawsuit. Regulatory filings show that the plan held $2.45 billion worth of BP American depositary shares, or 29 percent its $8.27 billion of assets, at the end of 2009, according to the complaint.

A man was convicted Monday of murder as a hate crime during his retrial on charges that he beat an Ecuadorean immigrant with an aluminum baseball bat after mistaking him and his brother for a gay couple.

Jurors deliberated for about seven hours before convicting Keith Phoenix in the death of Jose Sucuzhanay. He also was convicted of attempted assault as a hate crime in the attack on Romel Sucuzhanay.

The trial started about six weeks after the mistrial was declared on May 11 when a juror refused to deliberate.

The brothers were walking home from a bar after a party at a Brooklyn church on Dec. 7, 2008. Romel Sucuzhanay had put his coat around his brother to keep him warm and was helping him walk because he was drunk.

Meanwhile, Hakim Scott, 26 and Phoenix, 30, also leaving a party, pulled up in a sport utility vehicle. They began yelling anti-gay and anti-Hispanic slurs, according to Assistant District Attorney Josh Hanshaft.

Baton Rouge rapper Torrence "Lil Boosie" Hatch has pleaded not guilty to several charges including first-degree murder.

Hatch appeared Monday before state District Judge Mike Erwin.

Hatch's attorney, Marcus Allen, spoke after the hearing and said Hatch is "absolutely not guilty."

The Advocate reports that Hatch is accused of paying a man to kill 35-year-old Terry Boyd, who was shot to death through a window while inside his home on Oct. 21. Two other Baton Rouge men also face first-degree murder charges in Boyd's death.

California-based law firm Kershaw, Cuttiner, and Ratinoff is asking for customers with iPhone 4 signal reception issues to contract them, likely signaling the beginnings of a class-action suit against Apple over the issues. An announcement was posted to their site this week.

The reception problem looks like it won’t be going anytime soon. While some have tried to argue that the problems are related to iOS4 itself, it seems highly unlikely it’s a software issue alone. With Apple confirming that the metal band around the phone does serve as an antenna, it seems as if any interference to that (including putting your hand over it) would degrade signal quality.

President Barack Obama is turning his attention to energy and immigration legislation Tuesday.

He'll meet with a bipartisan group of senators to discuss passing comprehensive energy and climate legislation this year.

The president also will meet with members of the Congressional Hispanic Caucus to discuss the possibility of an overhaul of federal immigration laws — an iffy proposition in this election year.

Obama also will have a working lunch with King Abdullah of Saudi Arabia.

A Delaware bankruptcy court judge on Friday cleared the way for auto parts supplier Visteon Corp. to begin soliciting votes on its proposed reorganization plan, which would leave unsecured bond holders in control of the company.

Overruling objections from certain shareholders and holders of unsecured trade claims, Judge Christopher Sontchi approved documents describing Visteon's proposed reorganization plan and the process for creditors to vote on it.

Creditors will have until July 30 to vote on the plan, and Sontchi scheduled a plan confirmation trial to begin Sept. 28.

The shareholders could receive nothing under Visteon's plan, and the trade creditors would get no more than 50 cents on the dollar for their claims, which total about $48 million. Their attorneys argued that the disclosure statement outlining Visteon's plan did not contain enough information on the company's valuation, and that the plan itself was unconfirmable because of how it treats various creditor groups.

Attorneys for Visteon argued that the objections to the disclosure statement were without merit, or that they should be addressed at what promises to be a contentious plan confirmation trial stretching over two weeks.

The Oregon Supreme Court has ruled that Philip Morris does not have to pay $100 million in punitive damages to the family of a smoker who sued the tobacco giant over its low-tar cigarettes.

The case, however, is going to another jury to decide just how much the death of Michelle Schwarz from lung cancer in 1999 will cost Philip Morris — and legal experts say it could easily be another big award.

A Multnomah County jury in Portland originally awarded the Schwarz family $150 million in March 2002 before the trial judge reduced it to $100 million.

On Thursday, the Oregon Supreme Court vacated the $100 million award and sent the case back to the trial court to reconsider the punitive damages after ruling the judge failed to properly instruct the jury.

The court said the judge should have told the jury it could not punish Philip Morris directly for harm caused to others besides Schwarz.

But the court also supported the trial judge, who had rejected jury instructions the tobacco company had requested.