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BP Plc Wins Reprieve Over Gulf Spill Payouts-Reuters


Wednesday, 2 Oct 2013 09:51pm EDT 

Reuters reported that BP Plc has won a legal reprieve in its effort to force the administrator of a settlement related to the 2010 Gulf of Mexico oil spill to tighten standards in assessing claims, potentially sparing the oil company billions of dollars of extra costs. A divided fifth U.S. Circuit Court of Appeals in New Orleans on October 2, 2013 directed U.S. District Judge Carl Barbier, who in March had approved administrator Patrick Juneau's evaluation methods, to take a fresh look at which claims are legitimate. BP originally projected that the settlement would cost $7.8 billion, but in July boosted its estimate to $9.6 billion. A BP spokesman had no immediate comment. The fifth Circuit on October 2, 2013 also upheld Barbier's dismissal of a BP lawsuit against Juneau. 

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