BP Tells 5th Circ. Deepwater Deal Needs Redo On Remand

Law360, New York (October 15, 2013, 2:47 PM EDT) -- BP PLC told the Fifth Circuit on Friday that a multibillion-dollar settlement of claims for lost business tied to the Deepwater Horizon disaster is invalid unless the federal court overseeing the deal revamps its payout eligibility formulas.

The appeals court on Oct. 2 ordered U.S. District Judge Carl Barbier to reconsider BP’s allegations that claims administrator Patrick Juneau had hijacked the deal — initially valued at roughly $7.8 billion — by turning a blind eye to requirements that business claimants substantiate their losses and show a...
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