Securities: Funds Hope to Freeze BP's Browne's Millions

Two pension funds asked a court to freeze more than $140 million in retirement pay and other compensation to outgoing BP Plc CEO John Browne. The shareholders say that Browne's pension benefits are excessive and undeserved and ask that Browne not receive the money until legal claims against Browne have unfolded. Browne plans to retire in the end of July, which is 17 months earlier than was originally planned, and he will be succeeded by Tony Hayward.

Funds aim to freeze BP chief John Browne's millions

"Browne is now, it appears, being pushed out of the company but taking with him upward of God knows how many millions and millions of dollars of severance and pension payments," said William Lerach, who is representing the pension plan of U.S. union Unite Here and the London Pensions Fund Authority in the case. While Browne was long considered on the world's most respected business executives, Alaskan oil spills, fatal accidents at refineries, and accusations of fuel market manipulation have hurt his image.