It is hard to believe that over a month has passed since the tragic accident which catapulted BP’s Gulf drilling operations into the national consciousness. The economic scale is assuming Katrinaesque proportions. And BP, unlike a hurricane, is exposed to the full force of our legal system.
Bloomberg Television interviewed with Daniel Riesel, principal at Sive Paget & Riesel PC, the oldest environmental law firm. Riesel believes the scope of the disaster in terms of legal liability exposure will dwarf anything we’ve seen previously, including the well publicized Exxon Valdez and Merck Vioxx cases. The Oil Pollution Control Act of 1990, which removed many of the constraints on environmental liability settlements, is ramping up BP’s exposure.