USA: Judge rejects BP’s request to block payouts to businesses affected by Deepwater Horizon oil disaster
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Author: Ed Crooks, Financial Times
Businesses in the Gulf of Mexico region are not short of advice on what to do about the settlement that BP signed last year with plaintiffs’ lawyers to resolve damages claims over the 2010 oil spill…For BP, the rate at which those claims for business economic losses are being paid is a sign that Patrick Juneau, the independent claims administrator, is misinterpreting the settlement in a way that will cost it billions of dollars unless he is stopped. The New Orleans court that is trying the civil case for damages resulting from the 2010 Deepwater Horizon disaster will on Friday hear arguments over BP’s call for an injunction.
Author: Associated Press
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.
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