April 30, 2010

Gulf Oil Spill: Punitive Damages Bonanza?

That didn't take long. Reuters reports that the first class actions have been filed against BP and others, seeking punitive damages for the oil spill in the Gulf of Mexico.

This is only the beginning. Various media outlets are reporting that this spill could exceed the size of the Exxon Valdez spill. The Valdez spill generated a punitive damages award of $5 billion (ultimately reduced to $500 million), so you can expect a long line of lawyers hoping to get a piece of an even bigger payday this time around.