U.S. appeals court affirms BP settlement in 2010 Gulf oil spill

Posted on the January 11th, 2014 under Business News by admin

A hard hat from an oil worker lies in oil from the Deepwater Horizon oil spill on East Grand Terre Island, Louisiana(Reuters) – A panel of the 5th U.S. Circuit Court of Appeals on Friday affirmed a federal judge's approval of a multi-billion dollar settlement between BP Plc and businesses and individuals who lost money and property in the 2010 Gulf of Mexico oil spill. BP had supported the settlement agreement leading up to the December 2012 ruling by U.S. District Court Judge Carl Barbier approving it. But the company has since argued the administration of the settlement is faulty because it allows claimants without actual damages to join in. In the 2-1 decision, the appeals court panel rejected the arguments by BP.



Business News Headlines – Yahoo! News

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