22nd May 2014 05:55
LONDON (Alliance News) - BP PLC Thursday said it is appealing to the US Supreme Court over a ruling on Monday supporting compensation claims for certain businesses affected by the 2010 Gulf of Mexico oil spill.
The Fifth Circuit appeals court in New Orleans on Monday rejected BP?s request for a full review of the company?s case regarding settlement to victims of the disaster, as it seeks to establish that the compensation settlement it agreed with plaintiffs? lawyers in 2012 is being interpreted unfairly.
The oil and gas major's final chance to limit the level of compensation it has to pay above its original estimate of USD7.8 billion, will be by the appeal at the Supreme Court.
The company argues that the terms of its original compensation agreement are being misinterpreted and it is now expected to pay out to unwarranted claims over events that were not connected to the Deepwater Horizon incident.
"No company would agree to pay for losses that it did not cause, and BP certainly did not when it entered into this settlement. BP will continue to fight to return the settlement to its original, explicit, and lawful purpose ? the compensation of claimants who suffered actual losses due to the spill," BP said in a statement.
The rig explosion in the Gulf of Mexico killed 11 workers and led to the worst offshore oil spill in US history.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
BP