BP Urges 5th Circ. To Accept Formula For Deepwater Claims

Law360, New York (June 7, 2017, 4:20 PM EDT) -- BP has asked the Fifth Circuit to revisit and reverse its decision rejecting most of the formula the oil giant used to determine the settlement it will pay a class of Gulf Coast businesses harmed by 2010's Deepwater Horizon disaster, saying the panel's reasoning rested on a mistaken premise.

That flaw, BP said in its Monday petition for rehearing, is that the industry-specific methodologies of Policy 495, which was used to determine the economic losses arising out of the BP oil spill, don't line up with the settlement agreement because they treat revenue equally across different months, instead of allowing claimants...

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