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BP p.l.c. Message Board

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  • braindeadlong braindeadlong May 29, 2010 12:31 PM Flag

    BP Liability is 750M. It's the LAW!!!!!! Load up

    Under the Oil Pollution Act of 1990, the "responsible party," BP, is liable for the total of all removal costs (i.e., "costs of removal that are incurred after a discharge of oil has occurred or, in any case in which there is a substantial threat of a discharge of oil, the costs to prevent, minimize, or mitigate oil pollution from such an incident"), plus up to $75,000,000 in other damages covered damages (i.e., damages to natural resources, real or personal property, subsistence use of resources, loss of revenues, profits and earning capacity and losses to public services. In addition, BP may be additionally liable for claims arising under state law causes of action."

    "BP has indicated that it will not be invoking the $75 million cap on third-party damage claims."

 
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