Tuesday, September 14, 2010

Halliburton (NYSE:HAL), Transocean (NYSE:RIG), BP (NYSE:BP) Say Victims May Not Have Right To Sue

Saying alleged victims of the oil spill should go through the process of making claims through the BP (NYSE:BP) compensation fund, BP (NYSE:BP), Halliburton (NYSE:HAL) and Transocean (NYSE:RIG) say they may not have the right to sue until that happens.

Most of this is surrounding those claiming they incurred economic losses from the disaster.

It is hard to understand why anyone would hire a lawyer before going through the claims process first, as if they're denied, they can then hire a lawyer to file a lawsuit if they choose.

Lawyers are obviously talking them out of that so they can get their piece of the action.

Most will find out they're going to get less and take much longer if they go the lawsuit route.

The oil companies say they want a decision to be made concerning whether or not some of the individuals and businesses claiming economic losses must go through the claims process first.

With lawsuits reaching the discovery stage, they want that to be determined before handing over documents and electronic communication reports to the plaintiffs.

Those making claims against the BP compensation fund can find out within a 90-day period whether or not they've been accepted or denied.

No comments: