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BP loses Deepwater Horizon appeal
by Danielle Levy on May 20, 2014 at 08:03
BP has been an unsuccessful in its court battle to limit the settlement costs for victims of the 2010 Deepwater Horizon disaster.
The FT reported that the oil major is now only left with the option of going to the US Supreme Court to avoid billions of dollars of additional liabilities.
On Monday the Fifth Circuit appeals court in New Orleans rejected BP’s request for a full review of the company’s case. BP is aiming to establish that the compensation settlement it agreed with plaintiffs’ lawyers in 2012 is being interpreted unfairly.
The ruling means BP is running out of options to stop the cost of the settlement rising above the $7.8 billion that it originally predicted.
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