GlassRatner Advisory & Capital Group, LLC was retained by the United States Department of Justice in its Clean Water Act penalty lawsuits against BP Exploration & Production, Inc., a subsidiary of BP p.l.c., and Anadarko Petroleum Corporation related to the Deepwater Horizon oil spill in the Gulf of Mexico.
GlassRatner provided litigation support services and performed financial analyses regarding the economic impact on the defendants’ and each defendant’s ability to pay a multi-billion dollar penalty. GlassRatner provided five separate reports in this matter, including rebuttal reports, and Mr. Ratner testified for over 6 hours during the multi-week trial.
After the trial, BP Exploration & Production, Inc. entered into $20+ billion settlement with various governmental agencies. This settlement included $5.5 billion for the Clean Water Act penalty. A $160 million Clean Water Act penalty judgement was issued by the Court against Anadarko Petroleum Corporation, even though Anadarko had no operational involvement and was only an investor in the project.