Posted: Jan 21, 2014 3:07 PM
Source: Associated Press
NEW ORLEANS - BP has asked the full 5th U.S. Circuit Court of Appeals to review a ruling that upheld a judge's approval of a multibillion-dollar settlement for compensating victims of the company's 2010 oil spill in the Gulf of Mexico.
In a court filing Tuesday, BP argues that a divided three-judge panel from the 5th Circuit erred earlier this month when it affirmed U.S. District Judge Carl Barbier's December 2012 approval of the company's settlement with a team of private plaintiffs' lawyers.
BP argues that the panel's majority decision will force the company to pay hundreds of millions of dollars to businesses that weren't harmed by the massive spill.
Plaintiffs' lawyers have said BP simply undervalued the settlement and underestimated how many claimants would be eligible for payments.