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BP suffers yet another setback over 2010 oil spill claims

May 20, 2014 2:17 AM ETBP p.l.c. (BP) StockBPBy: Yigal Grayeff, SA News Editor13 Comments
  • BP (NYSE:BP) has again failed in its attempt to limit the amount of compensation it will have to pay for the 2010 Gulf oil spill, with a 13-judge Fifth Circuit Court of Appeals confirming lower-court rulings and rejecting the company's request to force claimants to prove a direct link between the disaster and any losses they may have suffered.
  • BP could now appeal to the Supreme Court.
  • The company, which has so far taken a cumulative pretax charge of $42.7B for the spill, argues that forcing it to pay what it has said are "wholly fictitious" compensation claims will cost it billions of dollars extra.

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