Comptroller Tom DiNapoli just announced that his office will be leading a class action lawsuit against BP for its poor safety practices leading to the Gulf Coast oil spill. The other lead in the case will be the the Ohio Attorney General.

Now, you may be asking why the Comptroller’s office is involved in this. The answer is because the state’s $132.8 billion Common Retirement Fund owned roughly 19 million shares in the company when the catastrophe happened, and BP’s stock dropped nearly 40%.

“BP publicly distorted its safety procedures and its level of preparedness to respond to a catastrophe such as the Deepwater Horizon explosion, thereby misleading investors and causing the value of BP’s stock to plummet when the truth was exposed,” DiNapoli said.

“That’s unacceptable. As trustee of the Fund, our more than one million members, retirees and beneficiaries expect me to vigorously protect their interests. I will make sure that the Fund and all class members are properly compensated for their losses.”