BP Says Considering Options After Court Rejects Spill Losses Appeal

Source: thewillnigeria.com

British oil firm BP (BP.
L) said it was considering its options after a U.
appeals court rejected its bid to block businesses from recovering money over the Gulf of Mexico spill even if they could not trace their economic losses to the disaster.

The court decision is a setback for the company's effort to limit payments over the 2010 spill.

BP said on Tuesday that the court's decision would "improperly allow for the payment of losses with no connection to the spill", which happened after its Macondo well ruptured.

"BP believes that such.
claimants are not proper class members under the terms of the settlement and is considering its appellate options," the company said in its statement.

By a 2-1 vote, the 5th U.
Circuit Court of Appeals in New Orleans upheld a December 24 ruling by U.

District Judge Carl Barbier in New Orleans, authorizing the payments on so-called business economic loss claims.

It also said an injunction preventing payments should be lifted.