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BP’s investors rattled by cleanup costs and lawsuits

The Chicago injury lawyers are watching the heart-wrenching stories stemming from the BP oil spill in the Gulf that is devastating the environment, citizens, and animals. The New York Times is reporting now that BP shareholders are fleeing the company’s stock amid concerns about the ultimate bill for cleanup costs, injury lawsuits, fines, and damage to BP’s reputation. The stock is falling as the largest oil spill in America history continues to move on with uncertainty.

Last week, the United States Attorney General Eric H. Holder, Jr. announced that federal authorities have begun opening civil and criminal investigations into the Deepwater Horizon explosion. BP officials stated that they have already paid $36 million to settle claims of economic loss and damage under the Oil Pollution Act, the 1990 law that was initiated after the Exxon Valdez disaster. More than 26,000 economic loss claims have been submitted. The law caps some varieties of damages at $75 million, which is a source of obvious contention. A Democrat has drafted legislation to raise that cap. While BP continues to be a strong corporation, but BP could potentially turn into a takeover target if the stock slide continues. Additionally, the company has insisted that they are well prepared to spend more than $75 million and already have.

Clearly, injury lawyers are planning injury and every other type of lawsuit in federal and state courts alike, seeking justice for victims of personal injury, lost business, and environmental damage. Under tort law, the injury lawsuits are not limited or barred by the Oil Pollution Act.

Click the link to read the entire article about the injury lawsuits that BP will face.