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BP found negligent by US courts, $18 billion fine

Submitted by: Goshin @ 08:20 PM | Thursday, September 4, 2014 | (url: http://online.wsj...)

I can't believe this verdict in such a pro corporate environment. wow
so big
much scandal

PLC was grossly negligent in the 2010 Deepwater Horizon disaster, a federal judge ruled, handing down a decision that could cost the company as much as $18 billion in pollution fines for the Gulf of Mexico oil spill.

Thursday's decision could leave BP on the hook for far more than the $3.5 billion it had set aside for civil penalties under the U.S. Clean Water Act and likely would easily exceed the biggest previous fine under the statute.

The $3.5 billion was based in part on BP's expectation that the court would rule the company liable for simple negligence. U.S. District Judge Carl Barbier's finding of gross negligence, or more reckless and extreme behavior, means BP faces a penalty of as much as $4,300 for each barrel of crude spilled in the worst offshore oil spill in U.S. history. That is nearly quadruple the maximum civil fine had the finding been simple negligence, which means the failure to take reasonable care.

The judge could impose lower penalties but the fine is likely to surpass the previous record under the act: the $1 billion paid by Transocean Ltd. RIGN.VX +1.91% , the owner of the Deepwater Horizon drilling rig, in a settlement last year.


fuck

Category: General | 33 Comments
Tags: oil

09-04-14 - 08:25 PM
Drop in the bucket, BP will be fine.
09-04-14 - 08:25 PM
what about the rest of their spills?
09-04-14 - 08:28 PM
they have 27 billion cash on hand
18 billion is a pretty large number
it's also significantly huger than any judgement before it
which means companies MAY try and protect their asses better by actually doing the tests and fixing broken shit so terrible disasters are avoided rather than risk huge gigantic fines
09-04-14 - 08:28 PM
And you're an idiot if you think that BP will actually have to pay that much.
09-04-14 - 08:31 PM
its amazing how much of a dumb fucking idiot goshin is
09-04-14 - 09:11 PM
even if they pay 9 billion, that's still ~2 times larger than the largest environmental settlement to date (5 billion)
9 billion coming from their estimate of how many barrels were spilled vs government estimate
but the point is the judge in the court had sick ass facts
bro
09-04-14 - 09:17 PM
[youtube]VBmCJEehYtU[/youtube]
09-04-14 - 09:17 PM
The settlement should have included forcing the CEO of BP to eat seafood from the gulf for an entire year, even if it doesn't pass the sniff test.
09-04-14 - 10:09 PM
Other countries pay us
?
Profit
09-04-14 - 10:15 PM
In the time it took me to type this message BP made $9 billion.
09-04-14 - 10:19 PM
Originally posted by Goshin  
BP found negligent by US courts, $18 billion fine

Front Page Article

I can't believe this verdict in such a pro corporate environment. wow
so big
much scandal


fuck


It will be thrown out by the Supreme court in 20 years, just like the fine from Exxon-Valdez
09-04-14 - 10:21 PM
09-04-14 - 10:23 PM
Originally posted by Goshin  
I can't believe this verdict in such a pro corporate environment. wow

Not sure if serious.
09-04-14 - 11:02 PM
They made 400b in revenues last year, nothing to BP
09-04-14 - 11:14 PM
Originally posted by Goshin  
they have 27 billion cash on hand
18 billion is a pretty large number
it's also significantly huger than any judgement before it
which means companies MAY try and protect their asses better by actually doing the tests and fixing broken shit so terrible disasters are avoided rather than risk huge gigantic fines


wouldnt that be great?

the spill has had serious impacts down here.

they need to get fucked
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