The Gulf of Mexico, on 20th April 2010 experienced the most devastating accident in the history of oil spill. The coast line of Mississippi, Louisiana, Alabama and Florida are experiencing endangering threat to their marine life, economies and ecosystem. After the Deepwater Horizon had an explosion and sank, 4.9 million barrels of crude oil gushed out of the sea-floor on to the sea along the Gulf. This accident had thrown the tourism and fishing industry into suffering huge losses. This has turned out to be the most expensive legal struggle in history, with over 300 BP lawsuits filed and still counting. The reasons for these BP lawsuits are mainly:
BP Lawsuits are coming from these areas
- Financial damages to fishing and tourism industry.
- Seafood companies facing losses.
- Bars, restaurant, hotel and condo owners are facing hard times while trying to manage their debts and loss.
- Ohio Public Employees Retirement System along with several others like Fire Pension Fund, Ohio Police and School Teacher Retirement System of Ohio has also filed BP class action lawsuit. As these funds invested nearly $275 billion dollars losing $200 million dollars because the stock prices of BP were down after the oil spill.
- BP with its partner companies now face hundreds of lawsuits filed against them.
- BP wants these lawsuits to be consolidated in Houston.
Judge Carl Barbier filed an order for the time being that consolidated 30 BP lawsuits relating to Deepwater Horizon incident. Barbier had ruled that the lawsuits that were waiting the hearing in his court would be heard combined with the lawsuits pending from national panel of MDL will start hearing on 29th of July.
BP Lawsuits from lost of value
The Public Pension Fund of U.S and New York State Common Retirement Fund filed a lawsuit against BP to recover its loss as a stockholder of the company. Apparently, it had lost $500 million dollar as the share prices of BP went down to less than half of its value after the Deepwater Horizon tragedy.
Holding over 60 million shares of BP stock, California Public Employees Retirement System haven’t announced any intentions of filing a lawsuit against BP, till June 26th, 2010.
A great number of businesses of South Carolina’s Grand Stand coastal area filed lawsuits against BP saying that the oil spill has caused severe damages upon the South Carolina marine environments and properties. The tourism trade has also suffered as the count of the tourists was going down everyday. The lawsuit named BP, Halliburton, Transocean and Cameron International.
The OPA passed in 1990, had limited the guilty to $75 million dollar for paying the damages in economic lawsuit, but if the company or any contractor of the company violated the safety regulations and acted with gross negligence then this limit will not be valid for them. That means if the there is any proof of gross negligence or violation of safety regulations than BP, Halliburton, Transocean and Cameron International will not be applicable for this OPA limit.If you are looking to file a BP lawsuit you should look at the BP lawsuits already here and see if you case are similar, then contact a oil spill attorney.