Transocean Ltd.’s drilling contract with BP Plc promised indemnification for damages from oil spilled below the surface of the Gulf of Mexico and should be enforced for claims over the Deepwater Horizon accident, the rig owner told a judge.
BP Plc ’s $20 billion oil-spill damages fund, run by Kenneth Feinberg , “far exceeds” the company’s legal obligations to compensate victims of the worst offshore oil spill in U.S. history, company lawyers said in a court filing.
Mark Kurland, a co-founder of New Castle Funds LLC, was ordered to serve 27 months in prison after pleading guilty in the Galleon Group LLC insider-trading case, becoming the first defendant in the scheme to be sentenced.
U.S. citizens and residents with UBS AG accounts are racing the clock to disclose their secret holdings to the Internal Revenue Service after the Swiss Parliament ratified an agreement to surrender the names of 4,450 bank clients, tax lawyers said.
Lehman Brothers Holdings Inc. sued JPMorgan Chase & Co. to recover tens of billions of dollars in “lost value,” accusing the bank of precipitating its downfall and preventing it from winding down in an orderly fashion.
BP Plc asked a federal judge in New Orleans to require virtually all oil-spill victims to exhaust the economic damage claims process run by independent administrator Kenneth Feinberg before they’re allowed to sue.
BP Plc and the U.S. Coast Guard have reached an agreement to end the inadvertent killing of endangered sea turtles trapped inside containment booms during controlled burns of the Gulf of Mexico oil spill, lawyers said.