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(Huffington Post)   BP settles class-action lawsuit for more than $1 billion. Or about six days worth of profits   (huffingtonpost.com) divider line 10
    More: Interesting, Plaquemines Parish, gulf, ecological crisis, Thad Allen, pollution control, Pass Christian, Chandeleur Islands, North Shore  
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2518 clicks; posted to Main » on 10 Jan 2013 at 3:45 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-01-10 04:07:49 PM  
4 votes:
Class action lawsits are bullshiat. Not to the lawyers of course. They walk away with lots of money.
But all these individuals entitled to a cut of this $1B in hopes that it would try to cover some of the damage, are going to end up with like $50.

Two examples of where I've seen this happen recently:
1. BoA settled a suit because they were sued for unfair fees and so on. I was in on that. I was expecting to get back at least a few hundred of what I had taken from me. When they settled, I got a check for $50. Thanks, assholes.

2. Redlight traffic cameras in a number of towns here in NJ were never legally calibrated, so every ticket they wrote was bogus. They were sued. Each ticket was worth between $85 and $145. Millions of them. In the end, everyone in the suit was entitled to a refund. Of $6.

In both cases, the lawyers walked away with millions and patted each other on the back for a case well won.
2013-01-10 03:49:40 PM  
3 votes:
Rules are for the little people. BP, HSBC, AIG, and everybody from the Bush cabal should be evidence enough.
2013-01-10 07:52:58 PM  
1 votes:
What, no one covered this yet?

25.media.tumblr.com
2013-01-10 06:16:38 PM  
1 votes:

durbnpoisn: Class action lawsits are bullshiat. Not to the lawyers of course. They walk away with lots of money.
But all these individuals entitled to a cut of this $1B in hopes that it would try to cover some of the damage, are going to end up with like $50.


The purpose of a class action lawsuit is not to net individual victims a big payout, it's to pursue penalties against a business that is effectively immune to being sued by an individual victim. If you tried to sue a business the size of BP just how far do you think you would get before running out of time and money for legal fees?
2013-01-10 05:48:58 PM  
1 votes:

Kibbler: Yes, the price at the pump will (in theory) go up 37 cents for a month


While admittedly gas is hard to do without, any of these "corporation will automatically pass on costs" theories has to pass the "will customers pay for it" test.
2013-01-10 05:31:49 PM  
1 votes:
kind of off topic, but

I have a friend who is a huge RON PAUL guy. Invisible hand, so on and so forth. But he has one of those stickers in his place of business that has the BP emblem but instead of "BP" it has "BS." Seemed kind of hypocritical to me...

We, as an entire country, were completely outraged by the BP oil spill.(remember that? That lasted for MONTHS!) to the extent that people like my friend had these BP protest stickers on their cars, nobody was buying anything from BP, each and every one of us hated BP with a passion.

Boycotts, vitriol, outright hatred of a company by almost an entire nation.

Didn't hurt their bottom line by any real metric.

/I'm sad.
//Happiness at the bottom of a bottle, though. Cheers!!
2013-01-10 05:02:24 PM  
1 votes:
Gas prices will shortly soar.
2013-01-10 04:45:14 PM  
1 votes:
beer4breakfast:
You really think BP's extraction costs are zero

I think your sarcasm detector ran out of gas.
2013-01-10 03:49:36 PM  
1 votes:
I wonder how quickly the House will pass a bill to cover this...
2013-01-10 12:15:29 PM  
1 votes:
The price of oil jumped today on the news of....
 
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