According to recent reports, BP’s litigation costs are expected to run in the billions.  It has been seven weeks since the oil spill in the Gulf of Mexico and there are already 6,000 lawsuits filed against BP.  A good number of the suits have been filed by Robert Gordon, chief trail lawyer at Weitz & Luxemberg, a New York law firm representing hundreds of fisherman affect by the oil spill.  But the pool of claimants is not just limited to fishermen.  Many business owners, restauranteers, shareholders, and the attorney generals of the Gulf states have filed suit as well.

Overall, the total legal cost could run in the billions for BP, especially if punitive damages are delivered in a court verdict.  A case that brings stiff punitive damages is the worst case scenario for BP, who would have to pay out claims from a general fund and keep a jury from awarding what would sure to be a multi-billion dollar verdict.