BP wins delay of Gulf spill trial until 2013 - News and Current Events | futures io social day trading
futures io futures trading


BP wins delay of Gulf spill trial until 2013
Updated: Views / Replies:294 / 0
Created: by kbit Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you dont need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

BP wins delay of Gulf spill trial until 2013

  #1 (permalink)
Elite Member
Aurora, Il USA
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
 
kbit's Avatar
 
Posts: 5,872 since Nov 2010
Thanks: 3,301 given, 3,332 received

BP wins delay of Gulf spill trial until 2013

(Reuters) - A trial to assign blame and damages that could total tens of billions of dollars for the 2010 Gulf of Mexico oil spill has been put off until January, in a setback for the U.S. government, which wanted to try its case this summer.

U.S. District Judge Carl Barbier in New Orleans on Thursday scheduled a trial for January 14, 2013, more than 10 months after it had originally been scheduled.

The decision means the federal government and Gulf Coast states, which also wanted a summer trial, may have to wait longer to recover money from BP Plc and its drilling partners.

It is unclear how the new timetable will affect strategy, or whether it might spur the federal government to press harder for settlements and help local residents seeking money for cleanup or restoration.

"This may spur the government to settle," said Edward Sherman, a professor at Tulane University Law School in New Orleans. "The Obama administration may want to show its stuff before the November elections."

However, Carl Tobias, a University of Richmond law professor specializing in product liability, said the delay might make it harder for governments to reach acceptable settlements.

"A delay could give the governments more time to strengthen their bargaining positions, but they lose leverage that comes with having a trial scheduled in the near term," he said.

$7.8 BILLION SETTLEMENT WINS INITIAL OK

A comprehensive trial to resolve claims involving BP, drilling partners Transocean Ltd and Halliburton Co, federal and state governments, private plaintiffs and others had been scheduled for February 27. It was put on hold while BP negotiated with the private plaintiffs.

Barbier's order came one day after he granted preliminary approval to BP's estimated $7.8 billion settlement to resolve economic, property and medical claims by 125,000 individuals and businesses harmed by the spill. He set a November 8 fairness hearing to consider objections before granting final approval.

The April 20, 2010 explosion of the Deepwater Horizon drilling rig killed 11 workers and triggered the largest U.S. offshore oil spill from the ruptured Macondo well, in which BP held a 65 percent stake.

Transocean owned the rig, and Halliburton provided cementing services. About 4.1 million barrels of oil were spilled and not cleaned up, the U.S. government has estimated.

U.S. Department of Justice spokesman Wyn Hornbuckle declined to comment. The offices of Alabama Attorney General Luther Strange and Louisiana Attorney General James "Buddy" Caldwell had no immediate comment.

Ellen Moskowitz, a BP spokeswoman, declined to comment.

Transocean spokesman Lou Colasuonno said that company has "utmost confidence" in its case. Halliburton spokeswoman Beverly Stafford did not respond to a request for comment.

WILL TRIAL REALLY HAPPEN?

BP had urged that a trial on remaining Gulf spill issues be delayed until after the November 8 fairness hearing, to help ensure that any "overlapping or parallel actions" would not distract from administering the settlement with private plaintiffs.

But the governments objected, saying such a delay would be unfair to residents and the broader public interest.

BP previously took a roughly $37.2 billion charge for the spill. The London-based company's potential liability for violating the federal Clean Water Act alone could reach $17.6 billion if it were found to have acted with gross negligence.

Other companies in the case are Anadarko Petroleum Corp, which owned 25 percent of the Macondo well; Cameron International Corp, which made a blowout preventer, and Schlumberger NV's M-I Swaco venture, which provided mud services. All have settled with BP.

Mitsui & Co's MOEX USA unit, which owned 10 percent of the well, has also settled with BP, and in February agreed to pay $90 million to settle with the federal government.

About 311 witnesses have been deposed and 90 million pages of documents have been produced in the case, court papers show.

"You wonder whether there will ever be a trial," said Tobias, the University of Richmond law professor. "The farther we move past the actual event, it may complicate matters for all sides. Memories fade and evidence could grow stale."


BP wins delay of Gulf spill trial until 2013 | Reuters

Reply With Quote

Reply



futures io > > > > BP wins delay of Gulf spill trial until 2013

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
BP's $7.8 billion Gulf spill pact wins initial court OK kbit News and Current Events 0 May 2nd, 2012 11:19 PM
BP Reaches $7.8 Billion Deal Over Gulf of Mexico Spill Quick Summary News and Current Events 0 March 3rd, 2012 02:30 AM
BP Loses Bid to Dismiss Investor Fraud Claims Spurred by Gulf Oil Spill GridKing News and Current Events 0 February 13th, 2012 05:41 PM
.....Deep Gulf drilling thrives 18 mos. after BP spill kbit News and Current Events 0 December 30th, 2011 01:00 PM
BP Executive Prepares to Take Over Gulf Spill Response Quick Summary News and Current Events 0 June 23rd, 2010 03:50 AM


All times are GMT -4. The time now is 01:50 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-17 in 0.07 seconds with 19 queries on phoenix via your IP 54.226.113.250