Monday, October 11, 2010

BP (NYSE:BP) Oil Spill Cases to be Headed Up by Gulf Lawyers

Lawyers from Louisiana, Texas and Florida have been appointed by U.S. District Judge Carl Barbier to oversee the oil spill cases, which includes a steering committee of 15 members.

Appointed by Barbier are Stephen Herman of New Orleans, Brian H. Barr of Pensacola, Florida, James Roy of Layafette, Louisiana, and Scott Summy of Dallas.

Reportedly well over 100 lawyers applied to be part of the steering committee, which means millions for the lawyers involved.

The majority of the lawsuits in questions are class actions against BP (NYSE:BP), Transocean (NYSE:RIG), Halliburton (NYSE:HAL), Cameron International (NYSE:CAM), Anadarko (NYSE:APO) and Mitsui Oil Exploration (NasdaqGS:MITSY), which is majority-owned by MOEX.

Transocean was the owner of the rig and had leased it to BP.

BP is a 65 percent partner in the Macondo Well, Anadarko 25 percent, and Mitsui 10 percent.

The blowout preventer remains a problem, as it'll take a long time for tests to be done on the device to conclude why it failed to do its job.

With that being the key piece of evidence, it's hard to see how some of these lawsuits could go forward until that part of the investigation is completed.

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