Third Party Funder Is Fueling More BP Lawsuits

A California financial firm is bankrolling lawsuits against BP for its 2010 Gulf of Mexico oil spill. LawFinance Group has announced it has established a $50 million “funding facility” to keep plaintiff firms afloat in the their drawn-out battles with BP over liabilities stemming from the gulf environmental disaster. LawFinance estimates that a fraction – fewer than 10,000 of nearly 60,000 – of the potential business-loss claims have been filed. BP already expects to pay $7.8 billion through a 2012 settlement of business claims, and will pay $4 billion as part of a plea on 14 criminal counts, including felony manslaughter. The federal government is also taking a  shot at the British oil giant, reportedly seeking up to $17 billion in additional damages.