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Politics : The Obama - Clinton Disaster
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To: Kenneth E. Phillipps who wrote (31913)6/18/2010 1:05:03 PM
From: Hope Praytochange2 Recommendations   of 103300
 
idiot kennyboy:Some of the plaintiffs may now end up dropping their suits—or never file suit in the first place—and tap the fund, which would save them from paying big attorneys fees. "They're going to have to think about this," said Richard Nagareda, a law professor at Vanderbilt University. "The fund promises a much faster payout."
If claimants do start dropping suits, BP may be spared potentially astronomic punitive-damage awards before juries in Gulf states who may be hostile to it.

Even plaintiffs' attorneys who make a living pursuing mass torts such as the BP spill—and who had been expecting multimillion dollar payouts in fees—may urge clients to pursue claims through the fund rather than endure years of litigation, legal experts said.

Louisiana plaintiffs' attorney Daniel Becnel said he was advising his dozens of clients to turn to the escrow fund once it's up and running. "That'll be much quicker, and you'll get a bigger chunk of money," he said.

By putting money into the fund over several years, BP could also limit punitive-damage awards by arguing that paying a large award would interfere with its ability to fund the escrow account, say legal experts. "This was a lightening strike on BP's part to try to create order out of a forest fire of chaos," said Jeffrey Smith, an environmental lawyer at Cravath, Swaine & Moore.
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