Business
BP Appeals Against Settlement Claims
BP appealed last Friday for a halt to settlements to those affected by the massive 2010 Gulf of Mexico oil spill, because of what it says are “hundreds of millions of dollars, and what could reach billions of dollars, in awards to claims asserting fictitious losses.”
“Any such payment will constitute irreparable harm,” the energy giant argued. “Therefore, an expedited hearing is necessary.”
Such a hearing is now scheduled for March 22, after the court granted BP’s emergency motion.
The legal debate is part of the widespread fallout from the oil spill — the worst in U.S. history — which began after a rig explosion aboard the Deepwater Horizon in the Gulf. Eleven workers died, reports the CNN.
Roughly 205 million gallons of oil spewed into the sea for nearly three months before a cap was placed on the BP-owned Macondo well, nearly a mile beneath the surface.
Since then, the oil company has promised and paid out some settlement funds, while fighting others in court.
Earlier this year, U.S. District Judge Carl Barbier Jr. considered BP’s contention that a January 15 decision by the claims administrator about how settlements would be distributed.
BP had argued that the set-up would produce “absurd” results.
And yet Barbier sided against BP in a March 5 decision.
“The court adopts Class Counsel’s interpretation as it is most in line with the rest of the settlement agreement,” the judge wrote.
Business
Niger Delta Investment Summit Targets $5bn Inflows, 500,000 Jobs
Business
NPA Targets N1.489tn Revenue In 2026
Business
NPF Disburses ?21.68m To Fallen Heros’ Families …Reinforce Welfare Commitment
-
Editorial9 hours agoDomesticate FG’s Exit Benefit Scheme
-
News10 hours agoDHQ Confirms Deaths Of Terrorists, Soldiers In Borno Attack
-
News6 hours agoRSU Unveils Five-Year Strategic Dev Plan …Calls For Collective Commitment To Institutional Excellence
-
Rivers9 hours ago
Dep Gov Seeks Collaboration, Transparency Between RIVCHPP, PHCMB
-
Featured8 hours agoFG Reaffirms Nigeria’s Stability As US Embassy Suspends Visa Appointments In Abuja Office
-
Nation6 hours ago
Rumuji Youth Leader Condemns Protest, Disowns Alleged Government Empowerment Claim
-
Business10 hours ago
NPF Disburses ?21.68m To Fallen Heros’ Families …Reinforce Welfare Commitment
-
Rivers9 hours ago
Experts Converge To Tackle N’Delta Business Challenges
