In what is shaping up to be one of the most expensive legal battles in history, the number of lawsuits filed against BP and its partner companies in federal court has grown to over 300 across 12 states. As financial damages have grown to tourism, fisherman, restaurants and bars, hotel and condo owners, seafood companies and other Gulf companies, it has become apparent that the $20 billion dollar compensation fund could easily be exceeded. The U.S. Judicial Panel on Multidistrict Litigation will be meeting on Thursday to determine if many of the lawsuits could be consolidated before a single judge. BP has indicated that it would like for these cases to be consolidated before a judge in Houston, while most of the plaintiff’s lawyers have pushed to move the litigati0n to New Orleans.
In addition to the New York State Retirement Fund, several of the biggest public pensions in America are now seeking lead group status in a class action lawsuit against BP. Additional pensions to join the lawsuit now include the Ohio Public Employees Retirement System, the Ohio Police and Fire Pension Fund and the School Teachers Retirement System of Ohio. Combined with the New York Pensions, these funds represent investments of more than $275 billion dollars and are estimated to have lost more than $200 million dollars as a result in declines in BP stock.
Earlier this week in New Orleans, Federal Judge Carl Barbier filed an order that temporarily consolidates more than 30 BP Lawsuits that were related to the Deepwater Horizon disaster. Barbier ruled that suits that were pending in his court could be combined pending a ruling from the national MDL panel that meets on July 29th. Hundreds of lawsuits have been filed against BP and its partner companies who were involved in the April 20th explosion.
The New York State Common Retirement Fund has announced that it is seeking lead plaintiff status in a class action lawsuit against BP seeking to recover losses in shareholder value since the April 20th explosion. The BP stock price has lost over half its value since that date, causing a loss of over $500 million dollars to the value of the funds shares. The California Public Employees Retirement System also holds over 60 million shares of BP stock, but has not announced if it intends to file a BP lawsuit.
The flow rate estimate of the Gulf Oil Spill was raised again after BP announced last week that it had captured over 16,000 barrels of oil and flared another 9,000 barrels one day, meaning that over 25,000 barrels per day are being diverted from the water. Government estimates now place the spill rate at 35,000 to 60,000 barrels per day. The best chance at stopping the oil from spilling into the Gulf comes in August with the completion of the two relief wells being drilled to plug the leak. Crude oil from the spill has washed ashore as far east as Destin and Panama City, Florida.
Watch this report by Ben Raines of the Mobile Press Register about the extensive damage that is being done to the sea life in Alabama coastal waters and the phenomenon that has been created by the lack of oxygen in the Gulf from the oil spill.
CNN’s Anderson Cooper recently interviewed survivors of the Deepwater Horizon explosion who offer the most powerful accounts yet of the events that occurred on that fateful day.
Numerous businesses on South Carolina’s “Grand Strand” Coastal Area have filed a lawsuit against BP alleging that the Oil Spill is causing detrimental effects and damages upon the entire South Carolina marine environments and properties” and that “As a result of the oil spill and the detrimental affect (sic) it has played on the tourism trade in South Carolina, plaintiffs have experienced a significant dip in customer attendance that appears to be getting worse by the day.” BP, Halliburton, Cameron International and Transocean were each named in the lawsuits.
The ever growing oil spill in the Gulf of Mexico has affected millions of people in this country. No where has been hit harder than the coastal areas of Louisiana, Mississippi, Alabama and Florida where the economies and ecosystems are so dependent on the very waters that have been fouled by this disaster. People and companies who have been affected the most by this disaster include:
The Commercial Fishing, Shrimping and Oyster Industries, including Charter Boats.
Seafood Processing and Packaging Companies
Marina and Dock Owners
Restaurants, Hotels and other Tourism Related Businesses in Coastal Areas
Rental Property Owners
Waterfront Property Owners
Vacationers who have lost their Deposits
If your livelihood has been affected or you have lost money as a result of the Gulf Oil Spill, you may want to consult with an attorney to talk about your BP lawsuit options and review your claim.
There was a recent article written by Roger Parloff of Forbes that offers a lot of information about if BP is protected by the $75 million dollar cap on damages that was created by the Oil Pollution Act of 1990, also known as OPA. The OPA was passed in 1990 and it states that the company responsible for the accident is limited to $75 million in economic lawsuit damages with several very large exceptions. One of those exceptions is if the company or any of its contractors acted with gross negligence or violated any federal or state safety law or regulation, the Company can not use the OPA limit. This means that if the BP, Transocean, Halliburton or Cameron violated a safety regulation, the OPA limit will not apply. Additionally, the OPA does not apply to any of BP’s federal or state cleanup costs. BP claims that they have already spent $990 million in cleanup costs as of early June.
The Oil Spill in the Gulf of Mexico threatens to devastate the the economies and ecosystems of the coastal areas of Louisiana, Mississippi, Alabama and Florida. Crude Oil has been gushing into the water from the sea floor since April 20th.
If you have lost money as a result of this spill, The Gulf Coast Oil Disaster Network of experienced attorneys is here to help consult with you about your legal options. Contact us today online or by phone at 1-877-908-9119.
