Andrada Mining acquisition elevates the miner to emerging mid-tier status. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

BP to appeal Gulf oil spill damages ruling to U.S. Supreme Court

Wed, 21st May 2014 17:00

May 21 (Reuters) - BP Plc on Wednesday said it willask the U.S. Supreme Court to review a court ruling concerningthe 2010 Gulf of Mexico oil spill, which forces the company topay some businesses for economic damages without the businesseshaving to prove the spill caused their losses.

On Monday, the 5th U.S. Circuit Court of Appeals in NewOrleans refused to disturb a March ruling from a three-judgepanel over how to compensate businesses.

BP has said paying such claims could push the estimated $9.2billion cost of its settlement with those businesses, which thecompany helped negotiate, significantly higher.

"No company would agree to pay for losses that it did notcause, and BP certainly did not when it entered into thissettlement," the company said. BP will ask the 5th Circuit notto require it to make business economic loss payments while itappeals. (Reporting by Jonathan Stempel in New York, Editing by FranklinPaul)

Related Shares

More News
28 Jun 2024 09:37

LONDON BROKER RATINGS: Goldman Sachs ups Intertek; Safestore cut

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and on Thursday:

28 Jun 2024 08:57

PRESS: BP freezes hiring, slows renewable investment — Reuters

(Alliance News) - BP' PLC's new Chief Executive Murray Auchincloss has imposed a hiring freeze and paused new offshore wind projects, Reuters reported...

28 Jun 2024 07:48

LONDON BRIEFING: Keywords says would back EQT bid; Record assets up

(Alliance News) - The FTSE 100 is called to open higher on Friday, following some confident trade in Asia and a rise for US stocks overnight, and some...

27 Jun 2024 19:26

US Senate committee probes oil producers on price collusion with OPEC

WASHINGTON, June 27 (Reuters) - The U.S. Senate budget committee on Thursday launched a probe of domestic oil producers about any efforts to illegal...

27 Jun 2024 15:04

Egypt fully awards 20 cargoes in biggest LNG tender in years- sources

20 LNG cargoes fully awarded *

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.