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Judge rejects BP’s bid to block settlement payouts to businesses affected by Gulf oil spill [USA]
Author: Associated Press, Published on: 5 April 2013
A federal judge on Friday rejected BP’s request to block what could be billions of dollars in settlement payouts to businesses that claim the company’s 2010 oil spill in the Gulf of Mexico cost them money. Before the ruling, U.S. District Judge Carl Barbier already had upheld court-appointed claims administrator Patrick Juneau’s interpretation of settlement terms governing payments to businesses affected by the spill. Barbier said he saw no reason to change his March 5 ruling on the same matter and issue a preliminary injunction that would block Juneau from making payments to businesses. “We think it rewrites the contract. We think it rewards people who have no losses,” BP attorney…said…BP estimated a year ago that it would spend roughly $7.8 billion to resolve tens of thousands of claims by businesses and individuals covered by the settlement. The company now says it can’t give a reliable estimate for the total value of the deal.
Related companies: BP