BP's Tab Nears $5B In Deepwater Horizon Settlement
Law360, New York (November 26, 2013, 3:10 PM EST) -- Businesses and individuals claiming property and economic loss from the Deepwater Horizon spill have received more than $3.7 billion in settlement funds from BP PLC, with an additional $1.2 billion scheduled for payment, according to a status report lodged in Louisiana federal court Monday.
Claims administrator Patrick Juneau, who has come under fire from BP, said the nearly $5 billion in approved payments covers about 159,000 of the 234,000 claims that have been submitted as part of the settlement program. The claims office is still reviewing the remaining 75,000 submissions.
BP has formally challenged the payment process and secured a ruling...
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