Jul 07
NEW ORLEANS (AP) — A federal appeals court is wading into a high-stakes dispute over the terms of a multibillion-dollar settlement of claims arising from BP’s massive 2010 oil spill in the Gulf of Mexico.
A three-judge panel of the 5th U.S. Circuit Court of Appeals is scheduled to hear arguments Monday by attorneys for the London-based oil giant and for Gulf Coast businesses that say the nation’s worst offshore oil spill cost them money.
BP asserts that the judge who approved the deal and a court-appointed claims administrator have misinterpreted the settlement, allowing thousands of businesses to secure hundreds of millions of dollars in payments for inflated and fictitious losses.
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