Another shareholder class action lawsuit has been filed against BP (NYSE:BP), this time you could include the song title "We are the World," to describe how it differentiates from other recently-filed lawsuits against the oil company.
Lawyers looking everywhere for BP blood to sue, got creative and are including everyone around the world who holds shares in BP.
About 61 percent of all shareholders of BP reside outside the United States, the reason for going this route by New York's Zwerling, Schachter & Zwerling.
According to the complaint filed, "Defendants were aware that BP's operations in the Gulf were inadequate and unsafe with respect to the risks associated with those operations, particularly with respect to an oil spill and its consequences."
Among the defendants named are BP CEO Tony Hayward, Chairman of the board Carl-Henrie Svanberg, and CFO Byron Grote.
Showing posts with label tort lawsuits. Show all posts
Showing posts with label tort lawsuits. Show all posts
Friday, June 11, 2010
Monday, June 7, 2010
BP (NYSE:BP) Verses Exxon (NYSE:XOM) Valdez Lawsuits
"BP (NYSE:BP) is saying they will pay legitimate claims just like Exxon (NYSE:XOM) said after the Valdez oil spill," said lead attorney at Baron and Bud, Scott Summy. He is representing 18 fisherman in lawsuits against the UK company. "Yet once publicity died down, Exxon litigated for over 20 years," said Summy.
Even though BP is maintaining they will pay "all legitimate claims," in all reality, as wonders Summy, how hard will it be to get them to actually pay. BP said they don't make statements on legal matters.
Exxon volunteered to pay Alaskans, as well as businesses $300 million right away after their oil spill. Courts ended up ordering Exxon Mobil to pay an additional $25 million to some groups that had been overlooked. The total amount that the U.S. Supreme court ordered Exxon Mobil to pay was $507 million, plus interest in the amount of $470 million in 2009.
BP has already paid out 18,000 of the 36,000 claims that have been filed against them, totaling close to $48 million. BP is focusing on the claims whose livelihoods have been effected. As well as the families of the 11 victims who died and the additional 17 people who were injured.
The federal cap is $75 million for offshore damages. Most of the claims against BP will not be covered under this cap including, shareholder lawsuits, cleanup costs, tort lawsuits, as well as any civil or criminal penalties and any state claims.
Even though BP is maintaining they will pay "all legitimate claims," in all reality, as wonders Summy, how hard will it be to get them to actually pay. BP said they don't make statements on legal matters.
Exxon volunteered to pay Alaskans, as well as businesses $300 million right away after their oil spill. Courts ended up ordering Exxon Mobil to pay an additional $25 million to some groups that had been overlooked. The total amount that the U.S. Supreme court ordered Exxon Mobil to pay was $507 million, plus interest in the amount of $470 million in 2009.
BP has already paid out 18,000 of the 36,000 claims that have been filed against them, totaling close to $48 million. BP is focusing on the claims whose livelihoods have been effected. As well as the families of the 11 victims who died and the additional 17 people who were injured.
The federal cap is $75 million for offshore damages. Most of the claims against BP will not be covered under this cap including, shareholder lawsuits, cleanup costs, tort lawsuits, as well as any civil or criminal penalties and any state claims.
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