Arguments against liability caps don’t just come from plaintiff’s attorneys. Highly respected University of Chicago professor Richard Epstein argues against a statutory cap on damages for BP.
From the Wall Street Journal:
BP Doesn’t Deserve a Liability Cap
By RICHARD A. EPSTEINOur national frustration continues to rise with each new drop of BP oil that leaks into the Gulf of Mexico. Everyone knows we can’t legislate away environmental risks without consigning ourselves to the Stone Age. What’s needed going forward is a comprehensive legal strategy that addresses the risks though a combination of regulation before the fact and tort liability (and criminal sanctions where appropriate) afterwards.
Tort remedies are essential to protect people (and their property) who do not have contractual relations with defendants from harms such as air and water pollution. The legal system should never allow self-interested parties to keep for themselves all the gains from dangerous activities that unilaterally impose losses on others—which is why the most devout defender of laissez-faire must insist, not just concede, that tough medicine is needed in these cases. The fundamental question here is one of technique: What mix of before and after sanctions will do the job at the lowest cost?
The first element in the mix is a no-nonsense liability system that fastens full responsibility on the parties who run dangerous operations, no excuses allowed. Accordingly, we have to be especially wary of statutory caps on tort damages, including the current law, under which, in the case of the oil industry, the “total of liability . . . with respect to each incident shall not exceed for an offshore facility except a deepwater port, the total of all removal costs plus $75,000,000.” That $75 million is chicken feed. Fortunately, the law removes that cap if the incident was caused by “the gross negligence or willful misconduct” of any party, or its failure to comply with any “applicable Federal safety, construction, or operating regulation.”
To truly have a “system of justice”, you can not have liability caps–for BP or any other negligent actor.
Keating, O’Gara’s 
The Nebraska State Bar Association continuing education seminar on workers’ compensation will feature Keating, O’Gara’s