Glad I'm not with QBE Underwriting Ltd/Lloyd's Syndicate 1036

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
15/12/2010 23:50

http://www.bbc.co.uk/news/world-us-canada-12005240



This attempt to retroactively move the goal posts looks doomed to failure and will probably only serve to make the costs associated with the disaster even more damaging for the US.



The lawyers will be richer for the experience though....

chessman2


Joined: 14/07/2009
Posts: 14

Message Posted:
16/12/2010 00:27

The defendants will have to prove they are not liable under the Act and/or common law negligence. The latter will apply if not all US law is codified. They are going to need good lawyers. Even if they win they may still well have to pay their own costs. In addition there is likely to be an award of punitive damages. QBE will have to open a reserve for this and the amount will be interesting! It depends on what line they have on this as leader (presumably) as to the impact on their results. This one could run for a bit, Groucho.

By the way, I trust you are keeping well.

newscoop


Joined: 23/12/2007
Posts: 2197

Message Posted:
16/12/2010 00:41

Haliburton nit being sued



Amazing what being a huge donor to American political parties does for you.

chessman2


Joined: 14/07/2009
Posts: 14

Message Posted:
16/12/2010 01:09

This about legal liability so even if Haliburton are not considered to have any case to answer by the Attorney General, the other defendants have a right of subrogation. Assuming of course, contributory negligence can be established. It is common in the US legal system to instigate actions against even a fairly remote participant to the loss so there could be more companies/individuals involved yet.



An interesting point here, is have B.P. admitted liability by paying for the 'clean up' ? Probably not as they would have made it clear that this action was down to their altruistic company culture rather than an admission of liability!



Obviously we don't know the real technical detail but this could well be settled 'out of court' as this could come down to quantum only as liability could be established quickly. In that event it would just come down to apportionment.



Developments will be fascinating from a judicial point of view. All Guesswork at the moment,from me anyway!

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
16/12/2010 01:26

Halliburton read the Zeitgeist files. How the hell the DICK CHEYNEY head it up, one quote went in, the person who discovered was chief for many years and close to retirement, cant be found, even now. Wars make money they want it , they provide security, catering sheler etc water fot the troops you name it, it seems 14 million dolllars of invoives cant be accounted for fo the name Dick , it will be paid. You know Wars now are not about terrotiry but about money