5th Circ. Panel Won't Revisit BP Formula On Deepwater Claims

Law360, New York (June 22, 2017, 4:08 PM EDT) -- A Fifth Circuit panel on Wednesday denied a request by BP PLC to revisit the 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 company's argument was wrong.

In a brief ruling denying BP's petition for panel rehearing, the panel wrote that the company asserted that class counsel had never argued that the industry-specific methodologies of Policy 495, which was used to determine the economic losses arising out of the BP oil spill, are inconsistent with the text of the...

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