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BP seeks restitution of some Gulf oil spill claims

1 year 1 month 2 weeks ago September 03, 2015 Sep 3, 2015 Thursday, September 03 2015 September 03, 2015 1:00 PM in News
Source: Associated Press
By: Kevin McGill

NEW ORLEANS - Arguments have wrapped up at a federal appeals court in a case involving those who claimed economic harm from the 2010 Gulf of Mexico oil spill.

Oil giant BP wants some of the money returned that it paid in damage claims under a 2012 settlement. BP eventually won a revision in the way losses were calculated after arguing the settlement administrator wasn't correctly matching business's revenues and expenses.

The company wants restitution of some of the money paid out before the revision was approved. In court documents, BP says hundreds of millions of dollars are at stake.

Attorneys representing interests receiving payments under the settlement oppose the move.

A three-judge panel of the 5th U.S. Circuit Court of Appeals heard arguments Thursday. A ruling isn't expected immediately.

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