$3B LA lawsuit could ‘destroy' gulf energy industry, critics warn, as state's position questioned [FOX News]
BP p.l.c. (BP)
Last bp p.l.c. earnings: 4/29 04:01 pm
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Source: FOX News
U.S. energy interests warn that if the first of several expected lawsuits over decades of land loss — an issue widely acknowledged as a crisis — succeeds, it could threaten the future of American energy exploration. Plaquemines Parish, a coastal jurisdiction south of New Orleans — which would be called a "county" in most other states — is seeking billions in damages from Chevron due to allegations surrounding the behavior of its now-subsidiary Texaco. "Decades after Texaco ceased operations and was acquired by Chevron, the Parish and state have teamed up with private plaintiffs' counsel to file dozens of lawsuits under a 1980 law that was never meant to apply to oil and gas activities," said Chevron spokesman Bill Turenne. "The federal Fift
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BP
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