Wednesday, December 19, 2007
BP says they've now exhausted the $1.6 billion they set aside for the litigation and still face over a thousand cases, though no more wrongful death and few serious injury cases.
In this case -- brought by Mark Lanier, who made noises about seeking a billion dollars in punitives, pointing to an alleged violation in conflicts of interest in the permitting process -- the trial judge had ruled earlier that a discovery violation could bust Texas's punitive damages cap. BP settled the case that started a couple of weeks ago.
Prior discussion of the BP litigation and the $1.6 billion litigation reserves is here.