Transocean admits liability in environmental lawsuits

Transocean has accepted that its efforts to use an 1851 statute to limit its Gulf-spill liability don't shield it from lawsuits filed under national environmental laws. In a move the Justice Department called "simply unconscionable," the company had previously said that the 159-year-old law -- once invoked by the owners of the Titanic -- allowed it to limit its total liability to about $27 million.

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