WSJ is reporting on two Senators introducing legislation to raise BP’s liability exposure for the Gulf Oil Spill under the Oil Pollution Act (OPA):

On Monday, two Democratic senators introduced legislation to raise the $75 million cap to $10 billion. The bill also proposes that claimants would be able to collect damages from future revenues for the fund, with interest, if damages exceed the $1.6 billion held by the trust fund.

A $75 million cap is ridiculously low for a spill that will affect the entire Gulf Coast and that is predicted to reach the Florida Keys and Atlantic Coast.

The article also explains that oil spill victims may be better off making claims under the OPA than filing lawsuits:

Lawsuits, however, aren’t the only way to go for an alleged victim. A piece of federal legislation passed in the wake of the 1989 Exxon Valdez spill allows injured individuals to make use of a claims process in which the federal government makes payments from a fund collected through a tax imposed on the oil industry.

The benefit of the claims process: those harmed may recover funds without going to state or federal court, which can take years.

Meanwhile, a separate WSJ article explains that the oil spill litigation is headed for an MDL:

Lawyers expect the private litigation to unfold in the same way as the lawsuits against Toyota Motor Corp. over problems tied to unintended acceleration.

The cases will get consolidated and sent to one judge, who will then pick a steering committee made up of a group of plaintiffs’ lawyers to direct the litigation.

Early predictions from Mississippi lawyers is that the MDL will not be in Mississippi.