BP tells court it waives cap on spill liability

BP P.L.C. told a court it was committed to waiving the legal cap on its liability from the Gulf of Mexico oil spill, which could have limited the cost to the oil giant to $75 million plus clean-up costs. "BP has chosen to waive the statutory limitation on liability under OPA," BP said in a court filing on Monday. OPA is the Oil Pollution Act of 1990.