A coalition of plaintiffs including the federal government, five Gulf of Mexico states, banks, restaurants, fishermen and a host of others have pursued redress for their losses. While today’s ruling provides a partial answer, appeals may mean it will be years before final penalties are settled.
BP, which may face fines of as much as $18 billion, has set aside $3.5 billion to cover those penalties. The company had taken a $43 billion charge to cover all the costs related to the spill, according to a July 29 earnings statement. The ultimate cost is “subject to significant uncertainty,” BP said.
Barbier today didn’t rule on how much oil was spilled, a key factor in determining the extend of BP’s liability.
just going to sit and wait and see how much this falls.
To me this is more a income share - will see if the dividend is reduced. As others have said if BP was a american company I am sure the penalties etc would not have been so severe. They probably see BP as nicking there oil, hence the high punishment.
NEW YORK (TheStreet) -- Shares of BP (BP_) fell -4.42% to $45.60 in morning trading Thursday after a federal judge ruled the oil company acted with gross negligence in the Gulf of Mexico oil spill in 2010.
The decision could force BP to pay billions of dollars, according to Bloomberg.
"BP's conduct was reckless," U.S. District Judge Carl Barbier wrote in a decision in New Orleans federal court on Thursday. "Transocean's (RIG_) conduct was negligent. Halliburton's (HAL_) conduct was negligent."
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