Attorneys for BP asked a federal judge Friday to allow the British oil giant to demand repayment of potentially hundreds of millions of dollars already paid or committed to businesses from its multibillion-dollar oil spill settlement fund.That's what you call a settlement in name only. Now that the PR disaster is over, it's time to go pick all the money back up.
The company contends that a newly enacted policy, approved by the court in May, that uses a formula to match a business’ revenue with expenses in showing post-spill losses should be used to recalculate earlier claims.
The 2012 settlement was intended to avoid piecemeal litigation by resolving hundreds of thousands of claims for economic damages when millions of barrels of oil poured into the Gulf of Mexico, into wetlands and onto the beaches of the Gulf Coast. Eleven men died when the Deepwater Horizon drilling rig caught fire and exploded April 20, 2010, about 50 miles off the Louisiana coast, creating what is generally considered the worst environmental disaster in U.S. history.
Saturday, June 28, 2014
BP is done paying anything to anyone.