BP Headed for Trial as U.S. Gulf States Claim $34 Billion
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BP Plc may not reach a settlement over civil claims from the 2010 Gulf of Mexico oil spill before a trial this month, analysts said, as U.S. states demand an additional $34 billion in damages.
Louisiana, Alabama, Mississippi and Florida are suing for economic and property damage under the Oil Pollution Act as a result of the spill, the worst in U.S. history, BP said in an earnings statement yesterday. While Chief Executive Officer Bob Dudley declined to comment on the state of negotiations with the federal government for civil fines, he said there wasn’t much time left before the start of the trial on Feb. 25.