BP To Pay Much More Than $7.8B In Deepwater Deals

Law360, New York (March 8, 2013, 3:36 PM EST) -- The cost of BP PLC's economic and medical class action settlements stemming from the Deepwater Horizon oil spill will run significantly higher than the company's initial estimate of $7.8 billion, BP said Wednesday in a U.S. Securities and Exchange Commission filing.

Business economic loss claims that have been submitted so far are being paid at a much higher average than BP anticipated, the energy giant said in its annual report. The company has accused the claims administrator of misinterpreting the terms of the agreement and handing...
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