Lawyers for as many as 10,000 potential plaintiffs pursuing claims over BP Plc’s 2010 Gulf of Mexico oil spill said their clients today will opt out or reject the company’s $7.8 billion settlement reached in March.
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.
BP Plc’s proposed $7.8 billion partial settlement of claims arising from the 2010 Gulf of Mexico oil spill should be given preliminary approval, a lawyer suing the company told the judge overseeing the litigation.
BP Plc should keep paying more than $2.3 billion to seafood-industry interests as part of a settlement of claims over the 2010 Gulf of Mexico oil spill while a fraud probe tied to the accord is pending, plaintiffs’ attorneys said.
BP Plc, Transocean Ltd. and Halliburton Co. must convince a federal judge that mistakes that led to the 2010 Gulf of Mexico oil spill don’t amount to gross negligence if they are to avoid billions of dollars in damages for the largest offshore oil spill in U.S. history.
Businesses and individuals suing BP Plc and other companies involved in the 2010 Gulf of Mexico oil spill won a federal judge’s approval to seek punitive damages in pursuing claims of economic and environmental losses.
BP Plc’s $9.2 billion partial settlement over the 2010 Gulf of Mexico oil spill was upheld by an appeals court over the company’s protest that the deal wasn’t valid unless a claims-payment dispute was resolved in its favor.
The trial over liability for BP Plc’s 2010 Gulf of Mexico oil spill was postponed to Feb. 25 so the lawyers won’t lose their accommodations to Super Bowl and Mardi Gras crowds, a New Orleans judge said.