The BP Gulf Coast oil spill is a calamity of the first degree. It has already spawned litigation in the US — http://www.bloomberg.com/news/2010-06-15/bp-oil-spill-lawsuits-spread-to-states-beyond-gulf-coast-as-losses-mount.html — although that litigation has been largely confined to the South. In a warning shot, the Attorney Generals of Connecticut, Maryland, Delaware, Georgia, Maine, Massachusetts, New Hampshire, New York, North Carolina, Rhode Island and South Carolina have advised BP that, if the oil hits the East Coast, litigation will follow. Indeed, in a show of just how serious these AGs are, they have advised BP of the necessity of implementing a litigation hold — as sure a sign as any that litigation looms. Perhaps BP should consider throwing a few more billion into that $20 billion “shakedown” fund.
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