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Despite entering a $4.5B settlement with the U.S. over the 2010 Gulf oil spill, BP (BP -1.2%)...

  • Friday, November 16, 2012, 10:55 AM ET
    Despite entering a $4.5B settlement with the U.S. over the 2010 Gulf oil spill, BP (BP -1.2%) still may be on the hook for billions more; indeed, AG Eric Holder was said to have called Gulf state congressmen to assure them the DOJ would "vigorously pursue" further penalties under the Clean Water Act. A worst case scenario - however unlikely - could see BP banned from the U.S. entirely.
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This news story has 2 comments:

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    That's great, let's ban BP from the country, and we'll add some more people to the unemployment rolls. Amazing.
    17 Nov 2012, 08:55 AM Reply Like
  •  
    This will be a drag on their earnings for years. Pleading guilty to manslaughter and the other charges only strengthens the case for gross negligence. What a major screwup by BP. BP basically admitted gross negligence by admitting criminal activity. They're going to get smashed with The Clean Water fine. Now lawyers will have a feeding frenzy going after BP with lawsuits using the admission of criminal negligence to increase punitive damages. I thought this ruling would help BP. Given what I know of the law, this opens them up to greater liability all around. No wonder the civil actions were waiting to sign off on the settlement. This is renewed ammunition to go after BP.
    17 Nov 2012, 09:50 PM Reply Like
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