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Posted in BP British Petroleum,Deepwater Horizon,Government,Louisiana Maritime News,Maritime Law,Maritime Lawsuits,World Maritime News on March 2, 2012
NEW ORLEANS, La. – Twenty four hours before the BP oil spill trial was set to begin, U.S. District Judge Carl Barbier agreed to postpone the trial scheduled for last Monday in hopes of a settlement being reached with the British oil company. 
New Orleans environmental litigation attorney Stuart Smith said, “This is the biggest liability suit in the history of the world. Just writing a check for this is not that easy. The damages are still occurring, and the oil is still washing up on the shores. The challenge for BP to settle now is there are too many moving parts.”
BP realizes that if this goes to court, the stakes will be high. The total estimated payout in punitive damages and government fines could reach in the tens of billions of dollars.
Officials from BP and the coalition of plaintiffs’ attorneys calling itself the Plaintiffs’ Steering Committee would not comment on the details of any possible settlement being negotiated. But they agreed Sunday to postpone the trial for a week to March 5.
Source: ABC News
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