BP Held to $9.2 Billion Oil Spill Settlement; Evidence of Business Losses Unnecessary

BP Plc must abide by the terms of a $9.2 billion settlement with victims of the Gulf of Mexico oil spill after failing to show that a claims administrator is misinterpreting the deal, the U.S. Court of Appeals for the Fifth Circuit affirmed March 3 (In re Deepwater Horizon, 5th Cir., No. 13-30315).

BP, Europe’s second-largest oil company, must resume paying millions of dollars in business-loss claims that were temporarily halted in December 2013 while the company fought to block payments over losses not directly linked to the worst offshore spill in U.S. history, the Fifth Circuit said. ...