Milberg LLP is preparing a lawsuit against BP and its four Employee Savings Plans, which collectively have $8.27 billion in assets under management.

The news hit all of the wires and local TV stations early Friday morning that the prominent law firm, which has sued dozens of companies, including Enron, is preparing to sue the BP agents that ran the plan. The claim is that BP knew full well of its "problematic safety record," as the AP wire put it, and therefore failed in their fiduciary duty to the BP employes who followed company directions to buy BP stock.