Senate Panel Votes To Get Rid Of Spill Liability Cap

Law360, New York (June 30, 2010, 5:07 PM EDT) -- A U.S. Senate committee has voted to remove the limit on economic damages that BP PLC and other companies would be required to pay for disasters like the massive oil spill in the Gulf of Mexico.

The Senate Environment and Public Works Committee on Wednesday passed through S. 3305, the Big Oil Bailout Prevention Liability Act of 2010, sponsored by Sens. Robert Menendez, D-N.J., and Bill Nelson, D-Fla.

The provision aims to eliminate the $75 million threshold on economic and natural resources damage claims under the...
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