1st Attempt To Raise Oil Spill Liability Cap Fails

Law360, New York (May 13, 2010, 6:40 PM EDT) -- Sen. Lisa Murkowski, R-Alaska, blocked an attempt in the Senate Thursday to quickly approve a bill from Sen. Robert Menendez, D-N.J., that would have raised the cap on private companies' liability for economic damages stemming from oil spills from $75 million to $10 billion.

Murkowski objected to a motion to unanimously consent to passage of the Big Oil Bailout Prevention Act, introduced May 3 by Sens. Menendez, Frank Lautenberg, D-N.J., and Bill Nelson, D-Fla., in response to concerns that the current liability limit would allow BP...
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.