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BP loses latest US oil spill appeal | BP loses latest US oil spill appeal |
(about 2 hours later) | |
The US Supreme Court has rejected oil giant BP's legal challenge to a compensation deal over the 2010 Gulf of Mexico oil spill. | The US Supreme Court has rejected oil giant BP's legal challenge to a compensation deal over the 2010 Gulf of Mexico oil spill. |
It means BP will have to make the payments that stem from the explosion of the Deepwater Horizon oil rig. | It means BP will have to make the payments that stem from the explosion of the Deepwater Horizon oil rig. |
BP argued that the deal meant it could fall prey to inflated or bogus compensation claims. | BP argued that the deal meant it could fall prey to inflated or bogus compensation claims. |
BP agreed to the compensation deal in 2012, but argues it has been misinterpreted. | BP agreed to the compensation deal in 2012, but argues it has been misinterpreted. |
BP asked the Supreme Court to consider whether people and businesses seeking payments under the settlement included individuals who had not actually suffered any injury as a result of the oil spill. | BP asked the Supreme Court to consider whether people and businesses seeking payments under the settlement included individuals who had not actually suffered any injury as a result of the oil spill. |
The Supreme Court's rejection of this appeal by BP is the latest in a series of setbacks for the oil firm. | The Supreme Court's rejection of this appeal by BP is the latest in a series of setbacks for the oil firm. |
BP is trying to limit payments over the environmental disaster, which claimed the lives of 11 people and became the largest US offshore oil spill in history. | BP is trying to limit payments over the environmental disaster, which claimed the lives of 11 people and became the largest US offshore oil spill in history. |
The settlement agreement has no cap, but BP initially estimated that it would pay roughly $7.8bn (£6.1bn) to compensate victims. | The settlement agreement has no cap, but BP initially estimated that it would pay roughly $7.8bn (£6.1bn) to compensate victims. |
It now says it can no longer give a reliable estimate for how much the deal will cost. | It now says it can no longer give a reliable estimate for how much the deal will cost. |
BP has already paid out $2.3bn in so-called business economic loss claims out of a total of $4.25bn in compensation claims to individuals and businesses, according to Patrick Juneau, the administrator appointed by the courts to handle claims. | |
The settlement process is also separate from other court proceedings relating to the spill, including environmental and criminal penalties. | The settlement process is also separate from other court proceedings relating to the spill, including environmental and criminal penalties. |
BP has set aside $43bn to resolve all claims. | BP has set aside $43bn to resolve all claims. |
In September, a US judge ruled BP was "grossly negligent" in the lead-up to the 2010 oil spill. | In September, a US judge ruled BP was "grossly negligent" in the lead-up to the 2010 oil spill. |
The New Orleans judge Carl Barbier also found BP subcontractors Transocean and Halliburton "negligent". | The New Orleans judge Carl Barbier also found BP subcontractors Transocean and Halliburton "negligent". |