Supreme Court rejects BP appeal of oil spill settlement

WASHINGTON (AP) — The Supreme Court is leaving in place BP's multibillion-dollar settlement with lawyers for businesses and residents over the 2010 oil spill in the Gulf of Mexico.

The justices did not comment Monday in rejecting the London-based oil giant's arguments that lower courts misinterpreted settlement terms and put BP on the hook to pay inflated and bogus claims by businesses.

BP wanted the court to consider whether people and businesses seeking payments under the settlement included individuals who haven't actually suffered any injury related to the spill.

The settlement doesn't have a cap, but BP initially estimated that it would pay roughly $7.8 billion to resolve the claims. But now the company says it can no longer give a reliable estimate for how much the deal will cost.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs