March 4, 2020 / 2:25 PM / 24 days ago

5th Circuit remands $78 mln Deepwater Horizon award after BP questions ‘loss’

A federal appeals court on Tuesday reversed a $77.6 million award to fertilizer broker Trammo Inc under the BP Deepwater Horizon settlement, giving BP a fresh chance to argue that Trammo’s asserted loss was due solely to a market bubble that burst nearly two years before the Macondo wellhead did.

The 5th U.S. Circuit Court of Appeals sent the case back to the federal judge in New Orleans who is overseeing the multidistrict litigation, saying he failed to consider whether BP had offered “credible evidence” that Trammo’s proof-of-loss form was skewed solely because the price of fertilizer had spiked in the benchmark year of 2008.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/39qZwve

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