In a hearing on Friday, U.S. District Judge Carl Barbier said the first trial for BP (NYSE:BP) in relationship to the Gulf of Mexico oil spill could be as early as June 2011.
The comments by Barbier were made at a hearing concerning claims filed against BP under the 1990 Oil Pollution Act.
According to the Act, BP and others have an economic cap of $75 million. While BP has stated in the past they would honor claims beyond that amount, recently they've signaled they may pull back on that assertion.
Another trial has been set for February 2012 where it will be determined how much liability, measured by percentage, each company will hold in connection to the disaster.
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