BP waives $75M cap for some oil spill claims

BP waives $75M cap for some oil spill claims
News
Monday, October 18, 2010 - 10:57pm

NEW ORLEANS (AP) - BP PLC has informed a federal judge that the
company is waiving a $75 million cap on its liability for certain
economic damage claims spawned by the massive Gulf oil spill.


A court filing Monday by BP lawyers says the company is waiving
the statutory limitation on liability under the 1990 Oil Pollution
Act.

They took the action even though the company denies engaging
in any gross negligence in connection with the April 20 explosion
on the Deepwater Horizon rig and resulting spill.
 

Last Friday, U.S. District Judge Carl Barbier gave a BP lawyer a
week to state in writing whether the company will agree to waive
the cap.

Plaintiffs lawyers had expressed concern that the company
was sending mixed signals on the cap.

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