Bogus Claims Aganist BP

“Greed is good” says Gordon Gekko. Greed is what drives the economy, but it is also why people take advantage of one another. After the 2010 Deepwater Horizon oil spill, BP PLC agreed to compensate people for damages but consequently raised concerns that people might try and defraud their company. It seems that is exactly what people have done; a rice mill in Louisiana received $21 million in payments for lost revenue… yet it earned more in 2010 than each of the three previous years.  BP has spent more than $24 billion in the aftermath of the oil spill; a figure which is likely to increase.

Federal prosecutors have charged more than 125 people so far with allegedly defrauding BP. With regards to the settlements that have already occurred, lawyers that represent the plaintiffs release a statement saying “Simply put, BP undervalued the settlement and underestimated the number of people and businesses that qualify.” If a rice mill in Louisiana received a settlement like that, I’m not sure I could agree.

Evan Chang


The Wall Street Journal

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