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BP PLC informed a federal judge Monday that the company is waiving a $75 million cap on its liability for certain economic damage claims spawned by the massive Gulf oil spill.

In a court filing, BP lawyers said the company is waiving the statutory limitation on liability under the 1990 Oil Pollution Act even though it denies engaging in any gross negligence in connection with the April 20 explosion on the Deepwater Horizon rig and resulting spill.

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