U.S. Fifth Circuit Reverses Policy 495

In What's New in the BP Oil Spill Litigation by gravierhouseLeave a Comment

The U.S. Fifth Circuit Court of Appeals agreed with Class Counsel that its previous 2013 decision in Deepwater Horizon I did not imply that revenues should be moved, ‘smoothed’, or otherwise re-allocated, and therefore reversed the Specialized Frameworks which had been established with “Policy No. 495” for Construction, Agricultural, Educational and Professional Services Claims. See Fifth Cir Decision Reversing Policy …

General Update and Materials re the Settlement Program and Ongoing BP Oil Spill Litigation

In What's New in the BP Oil Spill Litigation by gravierhouse2 Comments

See Interim Order re Implementation of 5th Cir 495 Decision (May 25, 2017) See Fifth Cir Decision Reversing Policy No. 495 (May 22, 2017) See Update on Settlement Program from Class Counsel (Jan. 22, 2016) See Master Index of Settlement Program Filings, Submissions, Decisions and Other Materials (Dec. 22, 2015) See Order Dismissing “Moratoria” Claims (March 10, 2016) See Briefing …

U.S. Fifth Circuit Affirms Securities Fraud Class Against BP for Post-Spill Misrepresentations

In What's New in Class Action Law?, What's New in the BP Oil Spill Litigation, What's New in the Courts by gravierhouseLeave a Comment

“[T]he plaintiffs’ theory of liability is that BP misrepresented the Spill’s flow rate. The theory of damages is that the stock price was inflated as a result of BP’s misrepresentations, as revealed by six corrective events. Some of those events are unequivocally connected to the alleged misrepresentations, i.e., a Coast Guard statement several days after the spill reporting that the …

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Ethical Questions Raised by the BP Oil Spill Litigation

In Legal Ethics & Professionalism, What's New in the BP Oil Spill Litigation by gravierhouse1 Comment

When I first started working on this paper, in the middle of 2013, I wanted to focus on the ethical questions that frequently seem to come up in class, multi-district, and other complex and consolidated cases, where the representation of plaintiffs is often effectively “split” between the lawyers who are appointed by the Court to advance and/or manage the litigation for plaintiffs collectively …

U.S. Supreme Court Rejects BP’s Attempts to Back Out of Its Own Settlement

In What's New in Class Action Law?, What's New in the BP Oil Spill Litigation, What's New in the Courts by gravierhouseLeave a Comment

On December 8, 2014, the U.S. Supreme Court denied BP’s petition for certiorari, leaving undisturbed the U.S. Fifth Circuit’s approval of the class action settlement which BP originally agreed to and proposed. By way of background:  “BP supported the Settlement Agreement during the proceedings leading up to and including the district court’s order of December 21, 2012. BP now argues that …