Transocean Seeks Limited Liability In Suits

14.05.10

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LYNN NEARY, host:

While the oil continues to spew from the ocean floor, the companies involved in the disaster are trying to cap their legal costs. The company that owns the destroyed oil rig has invoked maritime law to try to limit the damages it would have to pay to those who suffer losses.

NPR's Joseph Shapiro explains.

JOSEPH SHAPIRO: The owner of that rig, Transocean, is already named in more than 100 lawsuits. The claims are for billions of dollars. But Transocean took a step that would limit what it would pay out to no more than $27 million. It's asking a federal court in Houston for what's called a limitation of liability. The amount is based on a complex legal formula for the value of the oil rig, now on the bottom of the Gulf of Mexico.

Professor MARTIN DAVIES (Maritime Law, Tulane University): Twenty six million dollars is a lot of money, but it's pretty small given the number of claims that will be made against them.

Source: NPR

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