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BP’s facing greater costs due to oil spill settlement

Posted on Thursday, June 20th, 2013 at 2:20 pm    

British multinational oil and gas company BP PLC’s $8 billion settlement deal with the 2010 Gulf of Mexico oil spill victims is slowly going awry.

BP contested settlement’s claims administrator Patrick Juneau’s interpretation of the 2012’s settlement, which could add more costs to the $42 billion bill, and appealed to have U.S. District Judge Carl Babier’s confirmation of Juneau’s interpretation corrected. Although the company is claiming that Juneau’s interpretation is incorrect, the settlement that the company agreed to states that businesses can get their damages covered if they simply meet a numerical formula.

BP’s shares dropped 1.2 percent, closing at 464 pence in London trading.

If your business or home was affected by the BP oil spill and you need help filing a claim or pursuing an appeal, contact our experienced and knowledgeable lawyers at Williams Kherker by calling (888) 220-0640 today.

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