BP freezes $4 million in severance payments to former chief executive

Posted: Tuesday, July 10, 2007

LONDON - BP PLC said Monday it has temporarily frozen severance payments worth around $4 million owed to former Chief Executive John Browne and former refining chief John Manzoni.

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Shareholders sought the freeze as part of a U.S. lawsuit seeking damages for alleged mismanagement by executives.

According to the lawsuit filed in Alaska last October, shareholders were concerned they would not be able to recover money from Brown and Manzoni.

They are seeking unspecified damages from 39 current and former BP executives and directors after a series of blunders at the company, including a spill at the Alaska Prudhoe Bay pipeline last year and a deadly Texas refinery explosion in 2005.

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