Tuesday, December 9, 2014
BP Settlement Won't Be Undone By S. Ct.
This week, the U.S. Supreme Court denied a petition for certiorari by BP challenging its own 2012 multibillion dollar settlement over the Deepwater Horizon oil spill in the Gulf of Mexico. BP asserted there was fraud in some settlements, while plaintiffs have already been paid over two billion dollars in such claims. BP sought to reopen the lower court-approved settlement it negotiated that allowed the businesses and families impacted to continue to make claims. BP's attempt to halt payments from a settlement fund to reimburse businesses and individuals for losses following the 2010 accident was previously rejected following arguments that the fund administrator had misinterpreted claims and miscalculated payments-- allegedly amounting to fictitious claims. BP maintains decisions made in claims handling exposed the company to losses never contemplated in the settlement. Initially, it was estimated BP would pay roughly $7.8 billion to resolve tens of thousands of claims by businesses and individuals covered by the settlement. The company said it couldn't give a reliable estimate for the total value of the deal, but now believes its liability under the business-claims settlement will exceed $9.7 billion. It is very difficult to reopen a settlement of this type at the appellate level because of extensive negotiation and ultimate approval by BP and its legal team. See new story here-- http://buswk.co/1wXIVJK and ruling here-- http://www.supremecourt.gov/orders/courtorders/120814zor_f2bh.pdf