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Direct from the gulf coast.
BP PLC and the other companies involved in the Gulf of Mexico oil spill are faced with fast-multiplying lawsuits that will provoke one of the most drawn-out and costliest legal battles in U.S. history, one that could easily consume the $20 billion set aside by BP to pay for the disaster, according to legal experts [...]
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The analysis by Sean Snaith, director of UCF’s Institute for Economic Competitiveness, jibes with a report from the U.S. Travel Association that estimated Florida would lose $18.6 billion in travel spending during the next three years even though 90 percent of its beaches have been untouched by the spill. The association’s numbers may be somewhat [...]
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BP is set to announce a record loss, having set aside an estimated £16bn-£19bn ($25bn-$30bn) to cover the costs of the Gulf of Mexico oil spill. The loss is expected to be one of the biggest in British corporate history. The BBC has learnt BP chief executive Tony Hayward will get an immediate annual pension [...]
read moreA panel of federal judges will decide who will oversee lawsuits against BP, Transocean and others. Plaintiffs and defendants say location is key. The largest oil spill in U.S. history has unleashed a gusher of at least 250 class-action lawsuits that could eventually encompass millions of victims in a legal battle expected to stretch on [...]
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The area of ocean 65 miles south of New Orleans would normally be occupied by fishermen, shrimpers and oystermen, but it has been deserted since the BP spill began. The abandoned wellhead burst in the early hours of Tuesday morning after being hit by a tug boat that was pushing a dredge barge. About 6,000 [...]
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