BP's (NYSE:BP) $75 Million Cap Pledge being Challenged

Although BP (NYSE:BP) has said almost from the beginning of the oil spill crisis that they would waive the $75 million statutory cap, lawyers for individuals and businesses filed a motion with U.S. District Judge Carl Barbier to legally force them to waive the cap.

Lawyers want Barbier to declare the statutory cap as not being applicable in this particular instance.

Evidently the purpose of the motion is to ensure BP doesn't change its mind and "re-urging this defense" sometime later in the proceedings.

BP responded saying, "There is no issue in dispute that the Court needs to address."

They added that because they were against the motion doesn't indicate they are "wavering at all on its previous promises and commitments." They oppose it "simply based on the legal deficiencies" of the motion itself.