BP Says Deepwater Settlement Only Covers Matched Revenue

Law360, New York (November 19, 2013, 7:46 PM EST) -- BP PLC continued its push to limit the scope of payments from its estimated $7.8 billion Deepwater Horizon settlement, arguing in Louisiana federal court on Monday that true economic loss as defined in the deal must match revenue with expenses.

The judge overseeing the multidistrict litigation is taking a closer look at the settlement terms, following a Fifth Circuit ruling last month that found the claims administrator's interpretation of the deal could be rewarding fictitious claims. BP lodged a brief claiming that the most accurate reading...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.