BP’s Legal Situation
At the moment over 160 lawsuits have been filed against oil giant BP over the damage of the spillage in the Gulf of Mexico recently. This number is certainly set to increase. The justice department are conducting an independent investigation into whether BP broke civil or criminal laws. The outcome of the investigation is expected in around one year’s time. It is expected that many BP shareholders and fisherman will file cases before the results of this study are submitted.
The cost of BP shares has fallen dramatically by around 40% since the incident which in effect creates a cost of around 50 billion to be wiped from their worth.
BP have been accused of violating the Securities Exchange Act due to issuing false press releases and statements concerning the safety of the oil rigs they run. If they are found to be in breech if the rules then they will certainly have to pay a big price.
Solicitors based around the area of the spillage have been busy helping people bring claims against BP. Fishermen are said to have been amongst some of the most affected due to suffering a loss of earnings since the incident.
David Cameron will meet President Obama soon to discuss the incident. There is considerable pressure on Obama to take a firm stance against BP due to the outrage of the American public over the incident. Cameron obviously wants to try to minimise the impact that BP’s mishap could have on the British Economy yet it has been claimed that he is aware of Obama’s situation. Cameron is said to be keen to put his points across to Obama.
It doesn’t matter what the outcome of the discussion is- the facts remain that BP will be subject to a lot of legal cases over the coming years.
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Posted: June 14th, 2010 under Business.
Tags: BP, Business, law, Lawyer jobs, legal