BP shares crash after US judge rules it was 'grossly negligent' on Gulf of Mexico spill
Shares in BP fell 5% in the minutes after the long-awaited ruling
Shares in BP tumbled after a US court found it acted with “gross negligence” in creating the catastrophic oil spill in the Gulf of Mexico.
“BP’s conduct was reckless,” US Diustrict Judge Carl Barbier ruled in a New Orleans federal court.
BP was not the only one found to have behaved negligently over America’s biggest environmental disaster. Engineers on the rig Transocean and Halliburton were similarly cited, although they were not found as responsible as BP was.
Shares in BP fell 5 per cent in the minutes after the long-awaited ruling. They fell 22.6p to 461.15p.
In a case which is likely to set the benchmark on how much compensation the companies will have to pay, Judge Barbier found BP responsible for 67 per cent of the blame, 30 per cent for Transocean and 3 per cent for Halliburton.
As well as facing fines of up to $18bn, BP is also facing a class action lawsuit including many UK investors, as The Independent revealed earlier this year. They are likely to use Judge Barbier’s ruling to add weight to their case.
However, the Judge did not rule on how much oil was spilled. This will be crucial to decide how much BP faces in total fines.
- 1 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 2 Kim Kardashian on Bruce Jenner's 'story': 'We support him no matter what, and I think when the time is right, he'll talk'
- 3 Russian girl takes her own life after parents find pornography on her computer
- 4 Ball pool for adults opens in London
- 5 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
Michelle Obama highlights harsh restrictions faced by Saudi women after meeting King Salman without wearing a headscarf
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Kim Kardashian on Bruce Jenner's 'story': 'We support him no matter what, and I think when the time is right, he'll talk'
Russian girl takes her own life after parents find pornography on her computer
Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...
Competitive salary & benefits!: MBDA UK Ltd: MBDA UK LTD Indirect Procurement...