Breaking News

BP Loses Bid to Require Proof of Losses in Spill
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

British Petroleum (BP) lost a bid to require businesses to provide proof that their economic losses were caused by the 2010 Gulf of Mexico oil spill. Although BP initially valued the economic-loss settlement at $7.8 billion, The Gulf of Mexico oil spill in 2010 cost BP $9.2 billion in a U.S. lawsuit. The initial oil rig explosion killed 11 people and injured 17 others. BP admitted that businesses in certain geographical regions were presumed to have been harmed by the oil spill. It was agreed to that these claimants wouldn’t have to prove a link to the spill to recover. Business Insider reports that in the settlement, BP would now have to live with its agreement to pay billions of dollars in business losses tied to the disaster. BP reached a settlement with most private plaintiffs in March 2012.

In New Orleans, according to Bloomberg News, U.S. District Judge Carl Barbier stated in his ruling that, “BP’s current position is not only clearly inconsistent with its previous position, it directly contradicts what it has told this court regarding causation.” Of the 400 miles of coast along Louisiana, approximately 125 miles of it have been polluted by the oil spill, reports dosomething.org.

  
What
Where


BP’s settlement does not cover claims by financial services institutions, casinos, businesses in certain parts of Texas and Florida, or companies claiming losses from the deep-water drilling moratorium imposed by the Obama administration following the spill. The Deepwater Horizon Oil Spill also known as the BP Oil Spill was one of the worst oil disasters in history.

Image Credit: www.bloomberg.com

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!






 

RELEVANT JOBS

Experienced Auto Defense Attorney

USA-NY-Mineola

DeSena & Sweeney is looking for an experienced attorney for our cases pending in Westchester, Lower ...

Apply now

Family Law Associate Attorney

USA-TX-Southlake

Beal Law Firm, an award-winning, 33 year old law practice dedicated exclusively to Family Law, ...

Apply now

Associate Attorney - Litigation

USA-NJ-Moorestown

O’Brien, Belland & Bushinsky is seeking motivated attorneys for multiple associate positions w...

Apply now

Legal Administrator

USA-NV-Las Vegas

Established Personal Injury Law Firm seeks a Legal Administrator. It is a requirement to have pri...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Education Law Attorney

USA-CA-El Segundo

El Segundo office of a BCG Attorney Search Top Ranked Law Firm seeks an education law attorney with ...

Apply Now

Education Law Attorney

USA-CA-Carlsbad

Carlsbad office of a BCG Attorney Search Top Ranked Law Firm seeks an education law attorney with 4-...

Apply Now

Education Law and Public Entity Attorney

USA-CA-El Segundo

El Segundo office of a BCG Attorney Search Top Ranked Law Firm seeks an education law and public ent...

Apply Now

Most Popular

SEARCH IN ARCHIVE

To Top