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Will Oil Spill Disaster Take BP Beyond Business as Usual? Article by Kyle Rabin: In the wake of what is now being called the country’s worst oil spill, we continue to gain insights into BP’s business as usual approach that was manifested in its safety practices.
While BP isn’t the only bad apple in this far-reaching geographic, political and economic mess, the company’s culpability warrants a closer, albeit brief, look.
Citing negligence in failing to monitor safety operations before the horrific oil spill of April 20 that claimed 11 lives and which will adversely impact coastal fishing communities and ecosystems for decades to come, investors filed a lawsuit this week. The suit was brought on behalf of shareholders by an individual investor and the Southeastern Pennsylvania Transportation Authority, which runs Philadelphia’s regional public transit and owns BP’s American Depository Shares.
The lawsuit contends that BP’s Directors violated their duties to the company, causing “enormous economic harm for failure to act in the interests of BP and its shareholders” and exposing the company to liabilities in the billions of dollars including the following potential damage claims: $3 billion to tourism; $2.5 billion to the Gulf Fishing Industry; $700 million in remediation efforts so far; and $6 million a day in continuing costs.
The plaintiffs are seeking monetary damages in addition to demanding that the board take steps to improve corporate governance and increase shareholder input regarding operations … (full text).