Rajack
Member
http://www.businessweek.com/printer...dudley-on-the-gulf-oil-spills-legal-aftermath
This can only end badly for him...
After the April 2010 Gulf of Mexico oil spill, BP (BP) said it wanted to clean up the mess, pay what it owed, and get on with business. Three years later, youre at war with plaintiffs lawyers. What happened?
It was a terrible accident. And from that time on, we said we would want to step up and make good. We are still committed to make sure that legitimate claimants and people who were true victims of the spill are paid. Immediately after the spill, we set up our own facilities across the Gulf and paid out around $400 million. Then, during the Ken Feinberg settlement process, more than $6 billion was paid out. [BP hired Washington attorney Kenneth Feinberg to oversee claims payments.] And then we made a deal with a plaintiffs steering committee to complete the process of paying out to legitimate victims of the spill.
Quite frankly, the results have been really strange. The claims going through a claims facility have resulted in absurd results, and millions of dollars are going out to pay people who suffered, in many cases, no losses from the spill. And this is just not right. I dont think its right for America. Were a big investor in the United States, and weve challenged this really strongly. Its just not right.
What do you mean its not good for America?
Any company that makes in good faith an agreement to respondand I dont think there are many companies that have responded more responsibly to an industrial accidentwhen you make an agreement and you dont have the faith and the trust that agreement is going to be interpreted the way you expect, its not good for America. As I travel around the globe and meet with world leaders and other CEOs, the litigious culture of the U.S., the class-action culturequite frankly, the ambulance chasing, the patent trollsis whats being talked about.
This can only end badly for him...