Texas Sues BP, Halliburton for ‘Wanton Misconduct’

by Christopher Freeburn | May 20, 2013 10:00 am

Texas Sues BP, Halliburton for ‘Wanton Misconduct’

noble deepwater oil drilling 630 300x201 Texas Sues BP, Halliburton for 'Wanton Misconduct'[1]Lawsuits stemming from the destruction and sinking of the Deepwater Horizon oil drilling platform continue to mount[2].

On Friday, Texas filed suit against BP (BP[3]) and Halliburton (HAL[4]) in U.S. District Court, accusing the defendants of causing the state to lose tax revenue due to business disruptions prompted by the 2010 oil spill that followed the oil platform’s explosion. That spill blackened beaches along the Gulf Coast. Texas is demanding damages for every barrel of oil that leaked during the spill, CNN notes.

A number of other states, including Florida, have filed suit against the companies that owned and ran the Deepwater Horizon. The suits are expected to be eventually combined into a single action.

The state claims that the Deepwater Horizon disaster was caused by “willful and wanton misconduct” on the part of the defendants.

Earlier this year, BP agreed to pay $4 billion and plead guilty to 14 criminal charges[5] to settle federal lawsuits over the Deepwater Horizon’s demise.

The company has already spent more than $24 billion to settle lawsuits and repair the environment[6] in the wake of the oil spill.

Shares of BP rose modestly in Monday morning trading, while Halliburton fell slightly.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2012/07/noble-deepwater-oil-drilling-630.jpg
  2. continue to mount: http://www.cnn.com/2013/05/17/us/texas-oil-spill-lawsuit
  3. BP: http://studio-5.financialcontent.com/investplace/quote?Symbol=BP
  4. HAL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HAL
  5. pay $4 billion and plead guilty to 14 criminal charges: http://investorplace.com/2013/01/bp-to-pay-4-billion-in-oil-spill-settlement/
  6. to settle lawsuits and repair the environment: http://investorplace.com/2013/02/bp-trial-starts-but-legal-limbo-far-from-over/

Source URL: http://investorplace.com/2013/05/texas-sues-bp-halliburton-for-wanton-misconduct/
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