"BP (NYSE:BP) is saying they will pay legitimate claims just like Exxon (NYSE:XOM) said after the Valdez oil spill," said lead attorney at Baron and Bud, Scott Summy. He is representing 18 fisherman in lawsuits against the UK company. "Yet once publicity died down, Exxon litigated for over 20 years," said Summy.
Even though BP is maintaining they will pay "all legitimate claims," in all reality, as wonders Summy, how hard will it be to get them to actually pay. BP said they don't make statements on legal matters.
Exxon volunteered to pay Alaskans, as well as businesses $300 million right away after their oil spill. Courts ended up ordering Exxon Mobil to pay an additional $25 million to some groups that had been overlooked. The total amount that the U.S. Supreme court ordered Exxon Mobil to pay was $507 million, plus interest in the amount of $470 million in 2009.
BP has already paid out 18,000 of the 36,000 claims that have been filed against them, totaling close to $48 million. BP is focusing on the claims whose livelihoods have been effected. As well as the families of the 11 victims who died and the additional 17 people who were injured.
The federal cap is $75 million for offshore damages. Most of the claims against BP will not be covered under this cap including, shareholder lawsuits, cleanup costs, tort lawsuits, as well as any civil or criminal penalties and any state claims.
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