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Bp Could Face Up To $18Bn In Extra Fines After Us Ruling On Gulf Of Mexico Spill

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http://www.theguardian.com/environment/2014/sep/04/bp-18bn-extra-fines-us-ruling-gulf-of-mexico-oil-spill-deepwater-horizon-reckless

BP could face up to $18bn (£11bn) in further fines after being found guilty of gross negligence for the Deepwater Horizon blowout that killed 11 workers and led to millions of barrels of oil spewing into the Gulf of Mexico.

The oil firm had repeatedly expressed confidence it could avoid such a damning verdict over America's biggest offshore oil accident but a US district judge, Carl Barbier, ruled on Thursday that BP had been reckless as well as negligent.

The long-awaited decision from the New Orleans court hit the firm's share price – which fell by 5%, wiping more than £5bn off its stock market value – despite BP promising to launch an appeal.

The firm has already paid out or set aside in penalties or compensation more than $43bn as a result of the accident and has periodically been tipped as a takeover target in its weakened state.

The judge apportioned 67% of the blame for the disaster to BP, 30% with its US rig operator, Transocean, and 3% for Texan-based well expert Halliburton.

"BP was reckless," wrote Barbier in a 153-page judgment. But he will not rule until next year on how much oil was spilled, an important factor in deciding the full extent of BP's financial liability. Under the US Clean Water Act the additional penalties could reach $18bn.

The judge said BP could also be liable for punitive damages from other claims, opening up the possibility that others whose interests had been damaged by the spill could yet sue.

If BP was a US company would it face constant fines? It's the gift that just keeps on giving. Luckily only China penalises foreign companies.

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Useful leverage to get Dave onside for ISIS.

A quick yank on his choke chain now and then to remind him who's his daddy.

Edited by R K

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Useful leverage to get Dave onside for ISIS.

A quick yank on his choke chain now and then to remind him who's his daddy.

Sounds about right..

They'll still milk BP regardless though. Just because they can.

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http://uk.reuters.com/article/2014/09/24/uk-bp-spill-idUKKCN0HJ22120140924

BP Plc cannot recoup what it says were inflated claims paid under a multi-billion dollar settlement programme to compensate people hurt by the 2010 Gulf of Mexico oil spill, a U.S. judge ruled on Wednesday.

BP originally expected the payout programme to cost $7.8 billion (5 billion pounds), but it has said the final bill, from the uncapped agreement that is handling thousands of claims, could be considerably higher.

Hardly surprising.

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This is turning into the biggest compensation stitch up in the history of mankind....30 billion and counting.....and its Uk plc that is getting the kicking and ultimately Uk pension funds etc.. The oil btw was clear months ago, naturally cleared by oil eating bacteria, this was never a cataclysmic eco disaster as presented by the US press.

Meanwhile Union Carbide pay a mere $470 million dollars for killing four thousand Indians.

Edit. Or maybe 15,000....

http://www.dailymail.co.uk/news/article-1284623/7-men-jailed-1984-Bhopal-gas-tragedy-killed-15-000-people.html

Edited by crashmonitor

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When the spill first happened I remember one pundit saying that there are more American shareholders in BP than British. I can't source this, but it doesn't seem to have stopped the yanks.

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