BP Sues Transocean for $40 Billion over Deepwater Horizon Disaster (BP, RIG)

BP BP is suing Transocean RIG for $40 billion, seeking to recover costs from the Deepwater Horizon disaster that occurred last year. The complaint was filed Wednesday in federal court in New Orleans. BP accuses Transocean of negligence, saying it caused the drilling rig to be "unseaworthy." "The simple fact is that on April 20, 2010, every single safety system and device and well control procedure on the Deepwater Horizon failed, resulting in the casualty," BP said. According to a Reuters report, "Eleven people died when the Deepwater Horizon rig exploded. About 4.9 million barrels, or more than 200 million gallons, of oil later flowed out of a subsurface BP well. BP has incurred tens of billions of dollars of liabilities from the disaster." BP is expected to pay billions in costs and fees related to the incident. Shares of BP are higher by $0.18, in after-hours trade, to $46.09. Transocean closed higher by 1.7% on Wednesday, to $75.61.