BP Says Gulf Rebound Nixes Future Loss Claims

Law360, New York (July 8, 2011, 7:24 PM EDT) -- BP PLC told the heads of the $20 billion trust created to compensate victims of the Deepwater Horizon oil spill Friday that they should stop paying most claims for future losses because the economy in the Gulf of Mexico has recovered.

The company claims in a 29-page public comment that the Gulf Coast Claims Facility should only pay future losses in limited cases, arguing that businesses in the region have rebounded since the April 2010 spill.

GCCF Administrator Kenneth Feinberg unveiled a payment methodology in February...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.