BP Says Settlement Terms in Spill Are Too Generous. Now he is getting complaints from another quarter: .
The giant is arguing that if anything, Mr. Feinberg’s proposed settlements are too generous. The planned payments far exceed the extent of likely future damages because they overstate the potential for future losses, the company insists in a strongly worded 24-page document that was posted on the fund’s Web site Thursday morning. Basing its estimates on much of the same data Mr. Feinberg used, the company concluded that there was “no credible support for adopting an artificially high future loss factor based purely on the inherent degree of uncertainty in predicting the future and on the mere possibility that future harm might occur.” Mr. That payout plan is based on estimates of environmental and economic recovery for the region commissioned by Mr.
BP argues in its filing that the Feinberg estimate vastly overstates the likely damage, which it places in the range of just 25 percent to 50 percent of a claimants’ 2010 losses. Mr. Bp oil spill responsibility. U.S. Opens Criminal Inquiry Into Oil Spill. Attorney General said in New Orleans that he planned to “prosecute to the fullest extent of the law” any person or entity that the Justice Department determines has broken the law in connection with the oil spill.
On Wall Street, the Dow Jones industrial average fell 120 points shortly after Mr. Holder’s announcement as energy stocks tumbled on expectations of the federal investigations. lost 15 percent of its market value during the day’s trading. BP and government officials said flatly for the first time that they had abandoned any further plans to try to plug the well, and would instead try to siphon the leaking and gas to the surface until relief wells can stop the flow, most likely not before August. Mr. Holder’s comments, which echoed those of Mr. One person briefed on the inquiry said it was in an early stage and that no subpoenas had been issued yet to BP, the owner of the well.
Looking for Liability in BP's Gulf Oil Spill. Peter J.
Henning follows issues involving securities law and white-collar crime for DealBook’s White Collar Watch. Attorney General Eric H. Holder Jr. made a commitment during a visit to the Gulf Coast last week that the Justice Department would be looking at both civil and criminal charges to ensure accountability for anyone responsible for the oil spill at BP‘s oil rig. In his statement, the attorney general said that “if we find evidence of illegal behavior, we will be forceful in our response.” The likelihood of civil enforcement proceedings for violations of various environmental laws is almost guaranteed for BP and Transocean, the operator and owner, respectively, of the Deepwater Horizon rig that exploded back in April.
About White Collar Watch Peter J. Mr. Criminal Prosecution Criminal charges are probable under the environmental laws that govern discharging pollutants in navigable waterways and that cause harm to migratory birds. Civil Liability – Peter J. BP Oil Spill Waivers Capped Liability Payments To Coastal Residents At $5,000. VENICE, La. -- BP PLC said Monday that it will pay for all the cleanup costs from a massive oil spill in the Gulf of Mexico that could continue spewing crude for at least another week.
Meanwhile, chief executive Tony Hayward said Monday that chemical dispersants have worked to some degree to keep oil from flowing to the surface, though he did not elaborate. He said on ABC's "Good Morning America" that the new approach seemed to be having a significant impact. The company posted a fact sheet on its Web site saying it took responsibility for the response to the Deepwater Horizon spill and would pay compensation for legitimate claims for property damage, personal injury and commercial losses. "We are responsible, not for the accident, but we are responsible for the oil and for dealing with it and cleaning the situation up," Hayward said. Tony Hayward. Anthony Bryan "Tony" Hayward (born 21 May 1957) is a British businessman, the former chief executive of oil and energy company BP.
He replaced John Browne, Baron Browne of Madingley, on 1 May 2007. His tenure ended on 1 October 2010 following the Deepwater Horizon oil spill.[1] He was replaced by Bob Dudley. Education and early career[edit] Tony Hayward was born in Slough, Berkshire, in 1957; the eldest of seven children. Later on, his family moved to nearby Windsor.[2] After attending the local state grammar school, he went on to gain a first class geology degree from Aston University[3] followed by a PhD from the University of Edinburgh School of Geosciences.[4] Joining BP in 1982, with his first job as a rig geologist in Aberdeen,[5] he quickly rose through the ranks in a series of technical and commercial roles in BP Exploration in London, Aberdeen, France, China and Glasgow.
Replacement of Lord Browne[edit] Negotiations with Russia's Igor Sechin[edit]