BP spill settlement upheld, may have to pay billions more than it anticipated

|About: BP p.l.c. (BP)|By:, SA News Editor

Over BP’s objections, the 5th U.S. Circuit Court of Appeals today upheld a judge’s approval of the multibillion-dollar settlement with lawyers for businesses and residents who claim the 2010 Gulf of Mexico oil spill cost them money.

BP has argued that U.S. District Judge Carl Barbier and court-appointed claims administrator Patrick Juneau have misinterpreted settlement terms in ways that would force it to pay for billions of dollars in inflated or bogus claims by businesses.

The ruling means BP may have to pay billions more to Gulf Coast businesses and individuals than it anticipated when it signed off on the agreement in 2012.