And Now It Starts ...
I have warned of the coming storm of litigation that will certainly arise from the mud and mire in New Orleans. This storm has the potential to bankrupt many of our most valuable and strategic industries.
If the Republicans do ANYTHING with the power they hold by virtue of congressional majority and being the party of the administration, they will impose caps on civil awards, enact legislation to restrict class action litigation and pass sweeping tort reform NOW !!!
Failure to do so will make the damage wrought by Katrina pleasantly nostalgic.
Murphy Oil Says It's Facing 2 Lawsuits Over Katrina Leaks
EL DORADO, Ark. (AP) - Murphy Oil Corp. said in filings with the Securities and Exchange Commission on Friday that two class-action lawsuits have been filed against the company and its Murphy Oil USA Inc. unit because of leaks blamed on Hurricane Katrina.
The suits were filed by residents of St. Bernard Parish, La., and seek unspecified damages caused by a release of crude oil at the company's Meraux, La., refinery.
Murphy said the leaks were a result of Hurricane Katrina-related damage to a crude oil storage tank. Murphy said in the filings that it believes insurance will cover the release of oil and doesn't expect to incur significant costs associated with the lawsuits.
The company also said it does not believe the lawsuits will have a material adverse effect on its net income, financial condition or liquidity. Its shares fell $1.19, or 2.4 percent, to close at $49.20 on the New York Stock Exchange, where they've traded in a 52-week range of $37.80 and $56.50.
Murphy Oil explores for and produces oil and gas primarily in Gulf of Mexico.
Congratulations Steel! Misha over at the Rott's just linked to your post.
Posted by: Lisa | 09/16/2005 at 10:08 PM
Cool!
Thanks Lisa.
Been to Stromboli's Pizza yet?
Posted by: Steel | 09/17/2005 at 05:30 PM