A federal judge today declared BP’s conduct “reckless” in the 2010 Deepwater Horizon disaster. Via Bloomberg, BP could face fines of up to $18 billion as a result of the decision, which was handed down by Judge Carl Barbier in the U.S. District Court in New Orleans. Barbier placed blame at 67% for BP, 30% for rig owner Transocean and 3% for service company Halliburton.
The decision could also render BP vulnerable to punitive damages for claimants who weren’t part of a settlement the company reached in 2012. Transocean and Halliburton are not exposed to such damages due to the judge's finding that the companies were "negligent" in the incident and an earlier settlement by Halliburton.
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