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US court rejects BP appeal to limit Deepwater Horizon costs [subscription required]

BP has suffered a decisive setback in its court battle to limit the cost of its settlement for victims of the 2010 Deepwater Horizon disaster…The…appeals court…rejected BP’s request for a full review of the company’s case, as it seeks to establish that the compensation settlement it agreed with plaintiffs’ lawyers in 2012 is being interpreted unfairly…The company said in a statement it was “disappointed” by the decision and was considering its options…BP argues that…the…administrator of claims…has been misinterpreting [the settlement] in ways that have allowed businesses that suffered no losses as a result of the spill to be awarded compensation…The contentious claims…have been suspended under an injunction since last October, but could now restart after seven days, unless BP decides to try to persuade the Supreme Court to hear the case. BP most recently estimated the quantifiable cost of the settlement at $9.2bn…but said the final charge would end up being significantly more than that.

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