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BP to ask Supreme Court to hear claims issue

3 years 1 month 2 days ago May 21, 2014 May 21, 2014 Wednesday, May 21 2014 May 21, 2014 11:25 AM in News
Source: Associated Press
By: Kevin McGill

NEW ORLEANS - BP PLC says it will ask the U.S. Supreme Court to decide whether businesses must prove they were directly harmed by the 2010 Gulf Of Mexico oil spill to collect payments from a 2012 settlement.

On Monday, the 5th U.S. Circuit Court of Appeals refused to reconsider its earlier decision that businesses did not need to prove direct harm.

BP said Wednesday that it will ask the 5th Circuit to take steps that would keep the current freeze on claims payments in place until the Supreme Court considers the issue.

BP initially estimated it would pay roughly $7.8 billion to resolve spill claims. The company later said the claims administrator was misinterpreting the settlement and it could no longer estimate the deal's ultimate cost.

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