Lawyers for ExxonMobil begin presenting their defense against the state of New Hampshire’s claims that the oil giant should pay hundreds of millions of dollars to clean up groundwater contamination from the gasoline additive MTBE.
The 5th U.S. Circuit Court of Appeals has reversed a ruling by U.S. District Judge Carl Barbier, the presiding judge in the trial, and said that BP can tap into insurance policies held by rig owner Transocean that provided for at least $750 million in coverage.
In court papers filed Friday, Transocean asserts that any damages it is ordered to pay are BP’s responsibility because BP has admitted to misleading the U.S. government about the amount of oil that flowed after the Macondo well blowout.
For investors, it’s a painfully familiar story: an entrenched management, a boardroom full of cronies and a languishing stock price. This time, though, the remedy may be an infusion of Houston’s energy expertise.
Nearly three years after BP’s Macondo well blew out and spewed millions of barrels of oil into the Gulf of Mexico, the legal wrangling continues. View the complex web of lawsuits and criminal indictments that have followed the worst offshore oil spill in history.
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