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British Petroleum has told U.S. District Judge Carl Barbier that they are committed to paying all legitimate claims arising from the "Deepwater Horizon" Gulf oil spill and is waiving the legal cap on its liability for the incident. Under the Oil Pollution Act of 1990, BP's cost could have been limited to $75 million plus clean-up costs. BP filed paperwork to waive the statutory limitation on Monday, October 18, 2010.
After the Gulf of Mexico disaster, the Obama administration ordered the oil company to establish a $20 billion compensation fund. Since April 20, 2010, BP has paid $1.4 billion in claims through the Gulf Coast Claims Facility. Many of these claims were paid to fisherman, retailers, charter boat captains and property owners who suffered economic damages and loss of work from the spill.
BP urged the other defendants in the case, rig owner Transocean Holdings LLC, Anadarko Petroleum Corp and MOEX Offshore 2007 LLC, to waive the liability cap as well. But, they are reserving their right to seek compensation from the other defendants.
So far, BP has denied any gross negligence in its role in the oil spill. If it is found that the company’s negligence contributed to the spill, BP may also be liable for punitive damages.
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