Member access

4-Traders Homepage  >  Shares  >  London Stock Exchange  >  BP plc    BP.   GB0007980591

BP PLC (BP.)

136
Delayed Quote. Delayed London Stock Exchange - 09/01 11:35:11 am
482.7 GBp   +0.22%
9h ago BP : SOCAR, BP expand cooperation in training of personnel
15h ago BP : *goldman raises bp price target to 510 (500) pence - 'neutral'
15h ago BP : Announces First Gas from DEKA Project, Offshore Egypt
SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 

BP plc : BP considers options after oil spill settlement upheld

01/12/2014 | 02:14pm US/Eastern
Recommend:
0

British Petroleum says Friday's court ruling in New Orleans in the Deepwater Horizon case was not the end of the story.

A federal appeals court panel upheld the settlement agreement in the 2010 oil spill, but BP said a key question in the dispute remained before the court.

"BP will continue to press its position on the proper interpretation of the settlement agreement's provisions requiring a causal nexus between a claimant's injury and the spill," company spokesman Geoff Morrell said in a written statement.

At issue is whether or not BP had earlier agreed that some of the billions of dollars it was paying out in claims likely went to companies and individuals who did not actually suffer any significant damages.

The appeals court's three-judge panel said the lower-court judge in the case was not obligated to determine whether or not the claimants had been harmed financially when he approved the settlement, the Wall Street Journal said.

The Journal said BP had argued that the administrator of the fund that paid damages had calculated losses improperly, causing millions of dollars to go to companies that were not harmed financially by the spill.

Another setback, however, could mean BP would be on the hook for as much as $14 billion, legal analyst Tom Claps of Susquehanna Financial Group told the Journal.

Friday's ruling was not unanimous. One of the three appeals court judges agreed that the settlement violated the requirements for causation in business lawsuits, the (New Orleans) Times-Picayune said. The other two judges, however, said the U.S. Supreme Court and other courts had sent out mixed messages on causation and the trial judge was not obligated to double-check the parties in the settlement.

"We note the possibility that the application of a stricter evidentiary standard might reveal persons or entities who have received payments under (the agreement's rules) and yet have suffered no loss resulting from the oil spill," the ruling said. "But courts are not authorized to apply such a standard for this purpose"

Copyright 2014 United Press International, Inc. (UPI). Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.

Recommend :
0
React to this article
Latest news on BP PLC
9h ago BP : SOCAR, BP expand cooperation in training of personnel
15h ago BP : *goldman raises bp price target to 510 (500) pence - 'neutral'
15h ago BP : Announces First Gas from DEKA Project, Offshore Egypt
17h ago BP : Exhibition stands
17h ago BP : Street-lighting maintenance services
17h ago BP : Engineering services
17h ago BP : Software package and information systems
18h ago BP : Unleaded petrol
18h ago BP : Water meters
18h ago BP : Sewerage works equipment
Advertisement
Chart
Duration : Period :
BP plc Technical Analysis Chart | BP. | GB0007980591 | 4-Traders
Income Statement Evolution
BP plc : Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF