Obama Backs Bill To Up Oil Damages Cap To $10B

Law360, New York (May 4, 2010, 6:27 PM EDT) -- In response to the BP PLC oil spill, the White House came out Tuesday in strong support of legislation sponsored by Sens. Robert Menendez, D-N.J.; Frank Lautenberg, D-N.J.; and Bill Nelson, D-Fla., that would raise the Oil Pollution Act economic damages cap from $75 million to $10 billion.

The Big Oil Bailout Prevention Act, introduced Monday by the coastal state Democrats, would help hold oil companies responsible for massive cleanup and containment tabs incurred during spills the size of the BP disaster by significantly expanding the...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.