Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

BP loses Deepwater Horizon appeal

1 Comment
BP loses Deepwater Horizon appeal

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: The Brewin & Barclays alum bringing the City to Brighton

Profile: The Brewin & Barclays alum bringing the City to Brighton

Stepping away from the corporate world was a big step for David Pegler and Tim O’Connor when they founded Brighton Capital Management

Wealth Manager on Twitter