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BP Directors Sued by Investors Over Gulf Spill Costs

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May 24 (Bloomberg) -- Directors of BP Plc, the largest producer of oil and natural gas in the Gulf of Mexico, were sued by investors who contend they were negligent in failing to monitor safety operations before a massive, continuing spill.

The April 20 wellhead explosion and fire in the Gulf claimed the lives of 11 workers and ?threatens to be the worst oil spill disaster in history,? shareholder Southeastern Pennsylvania Transportation Authority claims in a Delaware Chancery Court lawsuit filed May 21 in Wilmington.

Directors violated their duties to the company, causing ?enormous economic harm for failure to act in the interests of BP and its shareholders? and exposing the company to liabilities in the billions of dollars, Septa lawyers contend.

The lawsuit lists potential damage claims of about $2.5 billion to the Gulf fishing industry; $3 billion to tourism; $700 million in remediation efforts so far; $6 million a day in continuing costs and ?incalculable damages to BP?s reputation.?

The complaint also says BP?s stock-drop has wiped out about $40 billion in market value.

http://www.businessweek.com/news/201...-update1-.html

with companies like these we dont need terrorists

I bet anything that the investors doing this were in perfect approval of their cost-cutting measures regarding the valves that may have led to the disaster, because the stock wouldn't have been as high otherwise. I say fuck 'em.

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Originally Posted by PornMD (Post 17169992)

A-Greed.

Unbelievably high cost damages.

I sell oil spills by the sea shore.

Here's an idea - if BP is going to pay any money beyond solving this problem, it should be to alternative fuel measures to move beyond oil. That's the real way to fuck 'em in the ass anyways, to get cars and everything else to not be dependent on oil.

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Originally Posted by PornMD (Post 17169992)

indeed:2 cents::2 cents:

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Originally Posted by Fletch XXX (Post 17169987)

with companies like these we dont need terrorists

sad but true

Yeah well they deserve it!