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BP Hit With Additional $34 Billion Dollar Lawsuit Arising From Deepwater Horizon Oil Spill

February 11th, 2013

According to an article featured in the Guardian, a additional 34 billion lawsuit has been filed against British Petroleum (BP) for alleged damages resulting from the Deepwater Horizon oil spill during April of 2010. This lawsuit comes on top of the billions of dollars BP has already agreed to pay out pursuant to the criminal and civil actions that it is already facing.

Reportedly, the lawsuit was filed by local and southern state governments, including Louisiana and Mississippi. According to the article, BP has come out and said that the method the parties used to calculate damages is extremely flawed. According to BP, the company does not feel it will have to pay the governments anything on top of the undisclosed amount it has already paid.

According to the article, BP has set aside $42.2 to deal with all its liabilities, both criminal and civil, resulting from the 2010 Gulf Coast oil spill. Sources say the company will likely suffer further financial hits as it prepares to defend itself in the first civil trial arising from the oil spill this February.

Many experts believe that BP may still incur substantial financial liabilities arising from the Gulf Coast oil spill. The latest numbers show that BP has sold over $37 billion of assets before the sale of
its half in the Russian joint-venture TNK-BP to Rosneft.

Reportedly, the Deepwater Horizon oil spill has cost BP $14 billion in cleanup costs, $9 billion in early claims, $1 billion in early restoration projects, $4 billion in criminal justice settlements, $7.8 billion in class action settlements, $525 million in security and exchange commission claims, $34 billion to state and local governments, and possibly $21 billion in damages under the Clean Water Act.

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