Wealth Manager - the site for professional investment managers

Register to get unlimited access to 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.
Citywire TV
Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Play On the Road Challenge: horsing around on the polo pitch

On the Road Challenge: horsing around on the polo pitch

Libby Ashby takes to the polo pitch with Stuart Leigh-Davies from Redmayne-Bentley for an 'On the Road' challenge.

Brewin's Gutteridge: where Miton's Godber sees value

Brewin's Gutteridge: where Miton's Godber sees value

This week Brewin Dolphin's research head talks to George Godber, co-lead fund manager of the Miton UK Value Opportunities fund, about value investing.

Your Business: Cover Star Club

Profile: TAM Asset Management’s CEO prepares for a quantum leap

Profile: TAM Asset Management’s CEO prepares for a quantum leap

TAM Asset Management may be relatively small but Lester Petch has big ambitions and believes it is on the verge of a 'quantum leap’

Wealth Manager on Twitter