BP Secures Freeze Of Some Gulf Spill Settlement Payments

Law360, New Orleans (October 4, 2013, 2:37 PM EDT) -- The Louisiana federal judge overseeing the Deepwater Horizon oil spill multidistrict litigation ordered the claims administrator of BP PLC's estimated $7.8 billion settlement to suspend some payments on Thursday following a Fifth Circuit ruling overturning the administrator's interpretation of the deal.

Judge Carl Barbier had previously refused BP's request to halt settlement payments, but the Fifth Circuit reversed the judge's order affirming claims administrator Patrick Juneau's reading of the settlement terms that defined "revenue" and "expenses" strictly by cash receipts and cash expenditures recorded in a...
To view the full article, register now.