Based on damage to the ecosystem of the Gulf of Mexico, and alleged harm to so-called endangered species, a number of environmental groups sued BP (NYSE:BP).
Suing the energy giant are Save the Manatee Club Inc., Gulf Restoration Network Inc. and Defenders of Wildlife.
In the lawsuit they claim BP violated the Endangered Species Act.
They want BP to be forced to restore the habits of the species, and ease the impact of the oil spill on wildlife in the region.
According to the lawsuit, there are a minimum of 27 animal species that are endangered or threatened in the region. Included among them are bird species, turtles and whales.
I wonder who's going to start suing the windmill owners who are causing extraordinary damage to birds and bats, far more in one windmill farm than the entirety of the BP oil spill did to the Gulf.
Showing posts with label BP Lawsuits. Show all posts
Showing posts with label BP Lawsuits. Show all posts
Wednesday, October 20, 2010
Monday, October 18, 2010
Judge Says First BP (NYSE:BP) Trial Starting in 2011
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.
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.
Evidence Against BP (NYSE:BP) Could Produce Millions of Documents
A number of law firms have been selected to take part in helping compile evidence in the case against BP (NYSE:BP) over the Gulf oil spill, which estimates say could literally run into tens of millions of documents to pour over.
Also included in part of the evidence-gathering process will be compiling the depositions garnered by law firms.
So far approximately 100,000 civil lawsuits have already been filed in connection with the disaster.
At the gathering-evidence stage, the law firms participating will also make decisions on which companies would be held liable in specific circumstances for each case or group of cases.
I say group of cases because 300 have already been consolidated that have similar complaints made against BP in order to streamline the process.
If settlements in the cases aren't reached, a jury would make a decision on what percentage of liability each company holds, or if they have any liability in the first place.
Also included in part of the evidence-gathering process will be compiling the depositions garnered by law firms.
So far approximately 100,000 civil lawsuits have already been filed in connection with the disaster.
At the gathering-evidence stage, the law firms participating will also make decisions on which companies would be held liable in specific circumstances for each case or group of cases.
I say group of cases because 300 have already been consolidated that have similar complaints made against BP in order to streamline the process.
If settlements in the cases aren't reached, a jury would make a decision on what percentage of liability each company holds, or if they have any liability in the first place.
Thursday, October 14, 2010
Will BP's (NYSE:BP) Independent Owners Flee the Company?
In the aftermath of the Gulf of Mexico oil spill, BP's (NYSE:BP) problems are far from only the considerations of their liability in the matter, but also the business itself, which in the case of thousands of station owners around the country could become a major issue, as many are considering fleeing the BP fold to other brands once their contracts are up.
Of course competitors of BP are out in force looking for new outlets for their gas as well, contacting independent BP owners to see if and when they may want to change to another brand.
Other owners are taking the initiative on their own to see if other brands would be interested in their locations.
This isn't unusual in itself, as it's the general nature of the business to poach from one another. What's different is the large number of potential deals which could dramatically impact the bottom line of BP. It also makes it hard for BP to make up for businesses lost, as at this time there wouldn't be many other independent owners of other brands which would migrate to the troubled energy giant.
To address these issues and hopefully stem the growing tide of losing stations, BP is getting together with owners and distributors this week in Washington to lay out their case on how they're going to heal the damaged brand.
It's unclear at this time how many contracts will come to an end this year, and are in danger of being lost to the company. But this isn't only about this year, but every year going forward, as the BP story will remain in the news as events unfold and the ongoing claims process continues for several more years.
That and lawsuits will be an ongoing struggle for BP as the Gulf spill is brought to people's memories over and over again.
Of course competitors of BP are out in force looking for new outlets for their gas as well, contacting independent BP owners to see if and when they may want to change to another brand.
Other owners are taking the initiative on their own to see if other brands would be interested in their locations.
This isn't unusual in itself, as it's the general nature of the business to poach from one another. What's different is the large number of potential deals which could dramatically impact the bottom line of BP. It also makes it hard for BP to make up for businesses lost, as at this time there wouldn't be many other independent owners of other brands which would migrate to the troubled energy giant.
To address these issues and hopefully stem the growing tide of losing stations, BP is getting together with owners and distributors this week in Washington to lay out their case on how they're going to heal the damaged brand.
It's unclear at this time how many contracts will come to an end this year, and are in danger of being lost to the company. But this isn't only about this year, but every year going forward, as the BP story will remain in the news as events unfold and the ongoing claims process continues for several more years.
That and lawsuits will be an ongoing struggle for BP as the Gulf spill is brought to people's memories over and over again.
Wednesday, October 13, 2010
Judge Sets First Deadline for BP (NYSE:BP) Lawsuit
U.S. District Judge Keith P. Ellison set the first deadline in a BP (NYSE:BP), telling the oil giant and investors they had to submit proposals for lawsuit leadership by October 27.
Ellison said at the hearing, “We should start with ideas about how to select the lead plaintiff and class counsel.”
This particular lawsuit centers around those holding U.S. shares of BP who claim the company understated the risks associated with its offshore drilling projects. Consequently the value of the ADRs were "artificially inflated," shareholders said.
On behalf of some plaintiffs, attorney Stanley M. Chesley said, “BP’s procedures for minimizing its financial losses from drilling rig problems were no more than fantasies. BP was simply not the enterprise that its public communications pictured.”
For purposes of gathering evidence and pretrial decisions, Ellison consolidated the investor lawsuits in August.
Shareholders assert BP and its managers senior executives and directors are responsible for as high as $50 billion in lost stock value because of the Gulf of Mexico oil spill.
It'll be interesting to see how that is handled as the share price and value of the company continue to rebound.
Ellison said at the hearing, “We should start with ideas about how to select the lead plaintiff and class counsel.”
This particular lawsuit centers around those holding U.S. shares of BP who claim the company understated the risks associated with its offshore drilling projects. Consequently the value of the ADRs were "artificially inflated," shareholders said.
On behalf of some plaintiffs, attorney Stanley M. Chesley said, “BP’s procedures for minimizing its financial losses from drilling rig problems were no more than fantasies. BP was simply not the enterprise that its public communications pictured.”
For purposes of gathering evidence and pretrial decisions, Ellison consolidated the investor lawsuits in August.
Shareholders assert BP and its managers senior executives and directors are responsible for as high as $50 billion in lost stock value because of the Gulf of Mexico oil spill.
It'll be interesting to see how that is handled as the share price and value of the company continue to rebound.
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.
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.
Friday, October 8, 2010
BP (NYSE:BP), Halliburton (NYSE:HAL), Cameron (NYSE:CAM) Get Trial Date Extension
U.S. District Judge Carl Barbier granted a motion to have the trial concerning "limitation and liability allocation issues" rescheduled for a later date, as BP Plc (NYSE:BP), Halliburton Energy Services (NYSE:HAL), Cameron International (NYSE:CAM), and others, said they needed more time to prepare.
The new trial date is set to begin on February 27, 2012, about four months later than the original trial date.
Barbier wrote, "While the court intends to expedite this complex litigation to the extent possible, it appears to the court that the defendants' motion has merit, and that there is good cause to reset the limitation trial date."
Much of this was in connection to the government dragging their feet on the investigation into what caused the failure of the blowout preventer from Cameron International.
The Feds have had it for a month and are already a week past the October 1 date they said they were going to begin their investigation on, and it'll take a lot longer before they begin, as they wait for the go ahead on how to proceed with the examination of the device.
Now the testing on the blowout preventer isn't expected to be finished until sometime in February 2011, according to Barbier.
Some attorneys for plaintiffs are complaining that they won't go to trial until sometime during 2013. Maybe they should have went the route of going through the claims process in connection with the BP compensation fund rather than pay huge fees to lawyers, along with the several years it'll take to get a trial, with no guarantee of winning.
Attorneys say this is also a stalling tactic by the companies. But that's not too believable, as it's the U.S. government which is holding things up with their usual incompetence concerning the blowout preventer, not the oil companies or the suppliers.
The new trial date is set to begin on February 27, 2012, about four months later than the original trial date.
Barbier wrote, "While the court intends to expedite this complex litigation to the extent possible, it appears to the court that the defendants' motion has merit, and that there is good cause to reset the limitation trial date."
Much of this was in connection to the government dragging their feet on the investigation into what caused the failure of the blowout preventer from Cameron International.
The Feds have had it for a month and are already a week past the October 1 date they said they were going to begin their investigation on, and it'll take a lot longer before they begin, as they wait for the go ahead on how to proceed with the examination of the device.
Now the testing on the blowout preventer isn't expected to be finished until sometime in February 2011, according to Barbier.
Some attorneys for plaintiffs are complaining that they won't go to trial until sometime during 2013. Maybe they should have went the route of going through the claims process in connection with the BP compensation fund rather than pay huge fees to lawyers, along with the several years it'll take to get a trial, with no guarantee of winning.
Attorneys say this is also a stalling tactic by the companies. But that's not too believable, as it's the U.S. government which is holding things up with their usual incompetence concerning the blowout preventer, not the oil companies or the suppliers.
Tuesday, October 5, 2010
Transocean (NYSE:RIG) Has Class Action Lawsuit Filed Against Them
Owner of the Deepwater Horizon oil rig involved with the BP (NYSE:BP) oil spill, Transocean (NYSE:RIG), had a class action lawsuit filed against them by Scott+Scott LLP, which includes their former CEO and the former CEO of GlobalSantaFe Corporation, which they merged with.
Their press release stated:
"The complaint in this action alleges that, on October 2, 2007, in advance of a planned shareholder vote regarding the proposed merger of Transocean and GlobalSantaFe, Defendants disseminated a proxy statement to the Class that contained untrue statements of material facts and omitted to state material facts necessary to make the statements that were made not misleading in violation of §14(a) of the Exchange Act and SEC Rule 14a-9 promulgated thereunder. Specifically, Transocean is
alleged to have misrepresented the quality of its drilling fleet and its safety practices. In fact, as was first revealed by the Deepwater Horizon disaster and its aftermath, Transocean was dramatically underinvesting in safety and exposing itself to a high risk of a catastrophic event. The false proxy induced the Class to approve the merger with Transocean for inadequate consideration, thereby harming the Class."
The lawsuit was filed against Transocean on September 30, 2010.
Their press release stated:
"The complaint in this action alleges that, on October 2, 2007, in advance of a planned shareholder vote regarding the proposed merger of Transocean and GlobalSantaFe, Defendants disseminated a proxy statement to the Class that contained untrue statements of material facts and omitted to state material facts necessary to make the statements that were made not misleading in violation of §14(a) of the Exchange Act and SEC Rule 14a-9 promulgated thereunder. Specifically, Transocean is
alleged to have misrepresented the quality of its drilling fleet and its safety practices. In fact, as was first revealed by the Deepwater Horizon disaster and its aftermath, Transocean was dramatically underinvesting in safety and exposing itself to a high risk of a catastrophic event. The false proxy induced the Class to approve the merger with Transocean for inadequate consideration, thereby harming the Class."
The lawsuit was filed against Transocean on September 30, 2010.
Friday, October 1, 2010
BP (NYSE:BP) Wants Judge to Send Savings-Plan Cases to Texas
BP has asked a panel of judges to send worker lawsuits alleging mismanagement of their retirement savings plan to Texas court.
In court filings lawyers for the plaintiffs stated the lawsuits should stay in Chicago where seven out of eight of them were filed. BP wants them sent to Texas where investor claims related to the Gulf of Mexico have already been filed.
BP lawyer Daryl Libow responded saying, “The important thing to focus on here is the vast overlap in discovery.”
Filed as class actions, workers for BP North America claim they've lost over $1 billion because of the drop in share price of the oil giant. The cases were filed under the federal Employee Retirement Income Security Act. The retirement plan is administered in Chicago, although "Five of the seven members of the employee plan oversight committee are in Houston,” added Libow.
Lawyers for the plaintiffs said in July 9 court papers that “Defendants knew or should have known that investment in the BP stock fund was an imprudent investment for the participants due to BP’s longstanding and blatant disregard of safety reports, warnings, and recommendations necessary to prevent catastrophic disasters.”
In court filings lawyers for the plaintiffs stated the lawsuits should stay in Chicago where seven out of eight of them were filed. BP wants them sent to Texas where investor claims related to the Gulf of Mexico have already been filed.
BP lawyer Daryl Libow responded saying, “The important thing to focus on here is the vast overlap in discovery.”
Filed as class actions, workers for BP North America claim they've lost over $1 billion because of the drop in share price of the oil giant. The cases were filed under the federal Employee Retirement Income Security Act. The retirement plan is administered in Chicago, although "Five of the seven members of the employee plan oversight committee are in Houston,” added Libow.
Lawyers for the plaintiffs said in July 9 court papers that “Defendants knew or should have known that investment in the BP stock fund was an imprudent investment for the participants due to BP’s longstanding and blatant disregard of safety reports, warnings, and recommendations necessary to prevent catastrophic disasters.”
Thursday, September 30, 2010
BP (NYSE:BP) to Get Bill Total from Gulf States
A better picture of the liabilities will be seen when the Gulf states given their bills to BP (NYSE:BP), which appears to be sometime in the near future.
Most are negotiating with BP over the final tally, but Alabama Attorney General Troy King went against the wishes of Governor Riley and sued BP. There's still a cloud hanging over his reasoning, as all other states are working with BP in an attempt to come to an agreement.
King attempted to justify his misguided actions by saying BP had a "record of not living up to their commitments." He oddly added, that if BP won't "pay Alabama what it owes, a court will force you to do it."
It's odd because the governor was making progress with BP and wasn't concerned over whether or not they'd pay. Now the state suffers from it.
Other states would prefer to go the route of making a deal with BP too, as the cost and time of going through a trial would be immense, and by time the litigation was over, the present need for the money would be gone.
But the states have said if they aren't able to reach an agreement with BP, they would go the legal route if all else failed.
BP spokesman Scott Dean said, "BP remains committed to paying all legitimate government claims. We have already made more than $1 billion in government payments."
Most are negotiating with BP over the final tally, but Alabama Attorney General Troy King went against the wishes of Governor Riley and sued BP. There's still a cloud hanging over his reasoning, as all other states are working with BP in an attempt to come to an agreement.
King attempted to justify his misguided actions by saying BP had a "record of not living up to their commitments." He oddly added, that if BP won't "pay Alabama what it owes, a court will force you to do it."
It's odd because the governor was making progress with BP and wasn't concerned over whether or not they'd pay. Now the state suffers from it.
Other states would prefer to go the route of making a deal with BP too, as the cost and time of going through a trial would be immense, and by time the litigation was over, the present need for the money would be gone.
But the states have said if they aren't able to reach an agreement with BP, they would go the legal route if all else failed.
BP spokesman Scott Dean said, "BP remains committed to paying all legitimate government claims. We have already made more than $1 billion in government payments."
Friday, September 17, 2010
Judge Barbier Denies Fast-track BP (NYSE:BP) Trials
In a push to get speedier trials, plaintiffs in lawsuits against BP (NYSE:BP) asked Judge Carl Barbier to fast-track the trials. This was especially true of those who had injuries or loved ones killed from the accident.
While the judge said he sympathized with those requesting the speedier trials, he said expectation were unrealistic concerning how fast the claims could be tried.
The judge did encourage all the parties filing lawsuits to take into consideration settling with the defendants, or otherwise attempting mediation.
If those choices aren't made, it'll probably be many years before all of this is resolved for everyone involved.
While the judge said he sympathized with those requesting the speedier trials, he said expectation were unrealistic concerning how fast the claims could be tried.
The judge did encourage all the parties filing lawsuits to take into consideration settling with the defendants, or otherwise attempting mediation.
If those choices aren't made, it'll probably be many years before all of this is resolved for everyone involved.
Judge Extends BP (NYSE:BP) Lawsuit Claims Until April 2011
A battle over time has been engaged in the hundreds of lawsuits filed against BP (NYSE:BP) and other companies related to the Gulf oil spill, and the judge has issued several decisions in response to it.
Judge Carl Barbier, the judge overseeing the cases, said as far as the time-frame to file lawsuits against the defendants, plaintiffs will be given until April 20, 2011. That's exactly a year since the explosion on the Deepwater Horizon oil rig which led to 11 deaths and oil spilling into the Gulf.
As far as the limitation of liability in connection to Transocean (NYSE:RIG), a trial date has been set for October 2011 do deal with that issue.
Lawyers for the plaintiffs have been pushing for things to go quicker, while BP and others have said they need more time to produce evidence. The judge in that area has sided with the defendants, saying they need a realistic amount of time to mount a defense.
Over the issue of whether or not plaintiffs should be required to go through the $20 billion compensation fund set up by BP to see if they qualify before being allowed to file a lawsuit, the judge hasn't made a ruling on that yet.
Judge Carl Barbier, the judge overseeing the cases, said as far as the time-frame to file lawsuits against the defendants, plaintiffs will be given until April 20, 2011. That's exactly a year since the explosion on the Deepwater Horizon oil rig which led to 11 deaths and oil spilling into the Gulf.
As far as the limitation of liability in connection to Transocean (NYSE:RIG), a trial date has been set for October 2011 do deal with that issue.
Lawyers for the plaintiffs have been pushing for things to go quicker, while BP and others have said they need more time to produce evidence. The judge in that area has sided with the defendants, saying they need a realistic amount of time to mount a defense.
Over the issue of whether or not plaintiffs should be required to go through the $20 billion compensation fund set up by BP to see if they qualify before being allowed to file a lawsuit, the judge hasn't made a ruling on that yet.
BP (NYSE:BP) Says "No" to Paying Alabama Claim
At one time BP (NYSE:BP) had been ready to work with Alabama and their claims against the company from the Gulf of Mexico oil spill, and from the time Alabama Attorney General Troy King decided to file a lawsuit against the oil giant, they've pulled back on advice of legal counsel, as the matter suddenly became complicated.
Officials from BP said the lawsuit filed by King was definitely part of the reason for deciding not to make payments.
Alabama Governor Bob Riley blasted King for the lawsuit, saying, "If that lawsuit hadn't paralyzed our negotiations, we wouldn't have to make these additional cuts to education funding."
King lashed back at Riley, asserting, "...it is time for him to get out of the way and let us do our job. It is obvious that BP is not dealing in good faith and is using every excuse possible to keep from paying its obligations both to the individuals and businesses with claims as well as to the state."
That's an odd comment by King when he seems to be the one that got in the way of negotiations, which were in fact proceeding to an agreeable resolution before he filed his lawsuit against BP.
Riley ended up cutting 2 percent from the school budget on the news, although it affected only potential repairs and supplies.
Officials from BP said the lawsuit filed by King was definitely part of the reason for deciding not to make payments.
Alabama Governor Bob Riley blasted King for the lawsuit, saying, "If that lawsuit hadn't paralyzed our negotiations, we wouldn't have to make these additional cuts to education funding."
King lashed back at Riley, asserting, "...it is time for him to get out of the way and let us do our job. It is obvious that BP is not dealing in good faith and is using every excuse possible to keep from paying its obligations both to the individuals and businesses with claims as well as to the state."
That's an odd comment by King when he seems to be the one that got in the way of negotiations, which were in fact proceeding to an agreeable resolution before he filed his lawsuit against BP.
Riley ended up cutting 2 percent from the school budget on the news, although it affected only potential repairs and supplies.
Thursday, September 16, 2010
Mexican States Sue BP (NYSE:BP) Over Oil Spill
The Mexican states of Veracruz, Quintana Roo and Tamaulipas have filed a lawsuit against BP (NYSE:BP) over the Gulf of Mexico oil spill, alleging losses from the disaster.
All the states have coasts on the Gulf of Mexico.
According to attorney Enrique Serna, "The three states have accrued a good amount of damages as a result of the spill." There are expectations the damages will continue to grow, added Serna.
Other companies connected to the oil spill who were also sued by the three Mexican states are Halliburton (NYSE:HAL), Transocean (NYSE:RIG) and Cameron International Corp. (NYSE:CAM).
Serna strangely said that the so-called and unproven underwater oil "plume" will eventually reach Mexico's fishing waters as cold fronts move into the area.
The fictitious plume is just that, and hasn't been found, and was only asserted to exist by some so-called scientist two months before they reported it.
Somehow it mysteriously disappeared and is nowhere to be found, even though it was alleged to be gigantic.
To base part of his case on that is pretty thin and weak, and hopefully will be thrown out by the judge.
All the states have coasts on the Gulf of Mexico.
According to attorney Enrique Serna, "The three states have accrued a good amount of damages as a result of the spill." There are expectations the damages will continue to grow, added Serna.
Other companies connected to the oil spill who were also sued by the three Mexican states are Halliburton (NYSE:HAL), Transocean (NYSE:RIG) and Cameron International Corp. (NYSE:CAM).
Serna strangely said that the so-called and unproven underwater oil "plume" will eventually reach Mexico's fishing waters as cold fronts move into the area.
The fictitious plume is just that, and hasn't been found, and was only asserted to exist by some so-called scientist two months before they reported it.
Somehow it mysteriously disappeared and is nowhere to be found, even though it was alleged to be gigantic.
To base part of his case on that is pretty thin and weak, and hopefully will be thrown out by the judge.
Transocean (NYSE:RIG) Seeking to Limit BP (NYSE:BP) Oil Spill Liability
The trial to decide on whether or not Transocean (NYSE:RIG) will be allowed to limit its liability in relationship to the BP (NYSE:BP) oil spill could start in September 2011.
Transocean asserts that under maritime law its financial liability in the case should be capped at $26.7 million. The parameters of the law are exposure is limited to the value of the cargo of the ship and the ship's value itself.
There are other cases as well which will be ultimately be considered test cases, with eight possible suits being designated as such in relationship to the maritime law mentioned above, the Oil Pollution Act, and a wrongful death claim.
Which cases will be designated at trial cases will be decided by plaintiffs' lawyers.
Transocean asserts that under maritime law its financial liability in the case should be capped at $26.7 million. The parameters of the law are exposure is limited to the value of the cargo of the ship and the ship's value itself.
There are other cases as well which will be ultimately be considered test cases, with eight possible suits being designated as such in relationship to the maritime law mentioned above, the Oil Pollution Act, and a wrongful death claim.
Which cases will be designated at trial cases will be decided by plaintiffs' lawyers.
Lawyers Pushing for Quicker BP (NYSE:BP) Trials
In court filings today, lawyers for alleged victims of the BP (NYSE:BP) oil spill said the first test-case trials should begin in about a year.
Lawyers have been seeking quicker trials for the claimants, while BP and others like Transocean (NYSE:RIG) have wanted to wait to see what happens with the compensation fund, which claims portion is headed by Kenneth Feinberg.
U.S. District Judge Carl Barbier in New Orleans, who is presiding over the trials, was told by lawyers pretrial exchanges of information should begin in October.
BP pushed back saying in it's filing that it's premature at this time to demand early trials, saying it's "overly ambitious."
There are about 400 lawsuits related to the oil spill which Judge Barbier is overseeing.
Lawyers have been seeking quicker trials for the claimants, while BP and others like Transocean (NYSE:RIG) have wanted to wait to see what happens with the compensation fund, which claims portion is headed by Kenneth Feinberg.
U.S. District Judge Carl Barbier in New Orleans, who is presiding over the trials, was told by lawyers pretrial exchanges of information should begin in October.
BP pushed back saying in it's filing that it's premature at this time to demand early trials, saying it's "overly ambitious."
There are about 400 lawsuits related to the oil spill which Judge Barbier is overseeing.
BP (NYSE:BP) Sued Over Alleged Benzene Exposure Related to Texas City Refinery
A law firm based in Houston has sued BP (NYSE:BP) over claims they exposed people in the area to Benzene from the incident at the Texas City refinery. The firm, Vujasinovic & Beckcom, represent 120 people who've made the claims.
The incident is in connection to a malfunction of a hydrogen compressor at the ultracracker unit of the refinery.
All 120 of the plaintiffs work at the refinery or live close to it.
In a statement, Vujasinovic & Beckcom said, “As a result of this re-routing, a number of dangerous chemicals, including benzene, began releasing in to the air. These chemicals were continuously released while BP tried to fix the compressor. BP did not fix the compressor until May 16, 2010.”
The rerouting refers to flaring the gasses while they worked to fix the compressor.
Approximately 538,000 pounds of benzene was released into the air during that time, according to the complaint.
The incident is in connection to a malfunction of a hydrogen compressor at the ultracracker unit of the refinery.
All 120 of the plaintiffs work at the refinery or live close to it.
In a statement, Vujasinovic & Beckcom said, “As a result of this re-routing, a number of dangerous chemicals, including benzene, began releasing in to the air. These chemicals were continuously released while BP tried to fix the compressor. BP did not fix the compressor until May 16, 2010.”
The rerouting refers to flaring the gasses while they worked to fix the compressor.
Approximately 538,000 pounds of benzene was released into the air during that time, according to the complaint.
Tuesday, September 14, 2010
BP (NYSE:BP), Halliburton (NYSE:HAL), Transocean (NYSE:RIG) Say Gulf Victims Have No Right to Sue Yet
In a filing with the court, BP (NYSE:BP), Halliburton (NYSE:HAL) and Transocean (NYSE:RIG) say the numerous individuals and businesses may not have the right to sue the companies yet over the Gulf oil spill.
According to the court papers, BP and the others said they believe the alleged victims should have to take their claims to the $20 billion compensation fund before bringing a lawsuit against them.
Obviously the strategy of the oil companies is to push the lawsuits toward the escrow fund to deal with the matter in order to decrease the growing number of them.
Most of the types of lawsuits they're talking about are those where claims of economic losses are involved, especially workers and businesses.
The fund, administered by Kenneth Feinberg, would have 90 days to accept or reject a claim, which at that time the claimants could proceed with a lawsuit.
With things moving into the discovery stage and requests for documents and electronic communications being made, the oil companies said the question of the right to sue needs to be decided before they provide all the documentation to plaintiffs.
While the elimination of lawsuits looks like it's in the best interests of the oil companies, in truth, when you consider the fees by lawyers and amount of time it takes for many of these lawsuits to be played out, most of the alleged victims would be far better off taking the money from the escrow fund if they qualify, rather than pursuing lawsuits.
According to the court papers, BP and the others said they believe the alleged victims should have to take their claims to the $20 billion compensation fund before bringing a lawsuit against them.
Obviously the strategy of the oil companies is to push the lawsuits toward the escrow fund to deal with the matter in order to decrease the growing number of them.
Most of the types of lawsuits they're talking about are those where claims of economic losses are involved, especially workers and businesses.
The fund, administered by Kenneth Feinberg, would have 90 days to accept or reject a claim, which at that time the claimants could proceed with a lawsuit.
With things moving into the discovery stage and requests for documents and electronic communications being made, the oil companies said the question of the right to sue needs to be decided before they provide all the documentation to plaintiffs.
While the elimination of lawsuits looks like it's in the best interests of the oil companies, in truth, when you consider the fees by lawyers and amount of time it takes for many of these lawsuits to be played out, most of the alleged victims would be far better off taking the money from the escrow fund if they qualify, rather than pursuing lawsuits.
Friday, September 10, 2010
BP (NYSE:BP) Sued by Radical Environmental Group
Radical environmental group Food & Water Watch, filed a lawsuit against BP (NYSE:BP) over its Gulf of Mexico "Atlantis platform."
Wenonah Hauter, Food & Water Watch’s executive director in Washington, said, “We have evidence that Atlantis is unsafe and is in danger of creating an even worse spill than the one caused by the Deepwater Horizon explosion." Hauter didn't say what that evidence was.
The so-called activist group wants to force the shutdown of the Atlantis oil and gas production platform in the Gulf of Mexico until it shows it meets the required U.S. safety standards, according to the lawsuit.
Food & Water Watch cowered after an initial lawsuit was withdrawn because a judge ruled BP could intervene in the case. At that time BP requested its opponents be required to post a $15 billion bond to cover damages in case production on the Atlantis was stopped.
Wenonah Hauter, Food & Water Watch’s executive director in Washington, said, “We have evidence that Atlantis is unsafe and is in danger of creating an even worse spill than the one caused by the Deepwater Horizon explosion." Hauter didn't say what that evidence was.
The so-called activist group wants to force the shutdown of the Atlantis oil and gas production platform in the Gulf of Mexico until it shows it meets the required U.S. safety standards, according to the lawsuit.
Food & Water Watch cowered after an initial lawsuit was withdrawn because a judge ruled BP could intervene in the case. At that time BP requested its opponents be required to post a $15 billion bond to cover damages in case production on the Atlantis was stopped.
Wednesday, September 8, 2010
BP (NYSE:BP) Donates $10 Million to Study Health Issues Related to Spill
As part of their Gulf of Mexico Research Initiative, where they will donate $500 million over a 10-year period to help research the impact, if any, the Gulf oil spill will have on the health of people, BP (NYSE:BP) has given $10 million to the National Institutes of Health.
BP said the $10 million will go to specific priorities established at an Institute of Medicine workshop, which the NIH will hand out based on feedback from Gulf state and local representatives, as well as Universities in the region.
The fund has already given money to the Florida Institute of Oceanography at the University of South Florida, as well as Louisiana State University.
BP continues to divest of assets to raise money needed to pay for liabilities, claims and lawsuits emerging from the Gulf disaster.
BP said the $10 million will go to specific priorities established at an Institute of Medicine workshop, which the NIH will hand out based on feedback from Gulf state and local representatives, as well as Universities in the region.
The fund has already given money to the Florida Institute of Oceanography at the University of South Florida, as well as Louisiana State University.
BP continues to divest of assets to raise money needed to pay for liabilities, claims and lawsuits emerging from the Gulf disaster.
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