Employees file class action lawsuit against BP

- BP has seen its share of controversy...From the explosion in Texas City, to the disaster known as Deep Water Horizon. 

Now, Washington state resident and long time BP employee Fritz Guenther has come to Houston packing attorneys with another slap for British Petroleum.

Guenther says, "I feel cheated, I feel let down, especially when they told us right up front that it was that BP carried all the investment risk."

Gunether works for BP in Alaska and he's one of hundreds of employees who have filed a class action lawsuit in Houston against the company.

In the pleading, Guenther says back in 1987 when BP purchased the company he worked for call Sohio, the oil company eventually changed their retirement plan. 

It went from a defined benefit plan to a cash balance or retirement accumulation plan according to the workers. 

But Guenther says even though the plan was based on the financial markets, BP promised employees would not face any risk.

"We're finding out now they're putting all of that investment risk for the pension plan on the employees," says Guenther.

For Guenther that means he has to work longer before he can retire. He says if he doesn't, the 36-year long employee of BP says his monthly retirement goes from an expected $5,000 a month to about $2,000 a month."

Peter Steilberg is representing BP employees. He says the company's own independent Ombudsman found in favor of the employees when they complained about the retirement plan the suit alleges that Ombudsman is no longer with BP.

Steilberg says, "This was the very first time BP decided not to wholesale."

In the meantime, Fritz Guenther is hoping through the lawsuit BP in Houston will make the employees whole again

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