Wednesday, December 15, 2010

BP (NYSE:BP), Transocean (NYSE:RIG), Anadarko (NYSE:APC), Mitsui (Nasdaq:MITSY), Lloyds, Sued by Obama

BP (NYSE:BP), Transocean (NYSE:RIG), Anadarko (NYSE:APC) and Mitsui (Nasdaq:MITSY) are all being sued by the Obama administration, along with BP's insurer, Lloyds of London.

The Justice Department has requested a federal judge in New Orleans to hold the four oil companies liable of unlimited damages, a nod toward the $75 million cap under the U.S. Oil Pollution Act.

Lloyds, while being sued, wasn't included in the request.

The lawsuit is seeking damages in relationship to the alleged violations of U.S. environmental laws. Litigation could go on for years.

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