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Businesses won't have to return BP spill payouts

3 years 3 weeks 1 day ago Wednesday, September 24 2014 Sep 24, 2014 September 24, 2014 4:41 PM September 24, 2014 in News
Source: Associated Press
By: Janet McConnaughey

NEW ORLEANS - BP wanted its money back - hundreds of millions of dollars of it - but a federal judge says the oil giant must stick by an agreement with companies that got payouts after claiming the 2010 Gulf oil spill hurt their business.

BP argued Wednesday that a flawed funding formula in the settlement is giving money to businesses for questionable claims, and they should be forced to return it.

But U.S. District Judge Carl Barbier says a deal is a deal. Barbier had ordered the formula changed several weeks ago

Barbier ruled the payments agreed to by BP included a provision that they would not be changed by later court action.

His ruling thwarts BP's latest attempt to control its soaring liability from the spill, which may be nearing $50 billion.

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