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Reuters via Newscred

Attorneys: BP has no legal grounds to recall settlement funds

Marissa Hall | Shale Plays Media

Attorneys in a case with BP have stated that the oil giant has no right to demand the repayment of funds awarded after the Deepwater Horizon spill in 2010. The catastrophe has cost BP billions, and this is just another of the company’s efforts to recoup finances. Jennifer Larino for the New Orleans Times-Picayune reports:

BP in late June asked U.S. District Court Judge Carl Barbier to order the repayment — plus interest — of hundreds of millions of dollars of “inflated or unwarranted” claims.

The company says the repayment is necessary after the court approved a revised policy for calculating losses under the 2012 settlement earlier this year.

The attorneys represent thousands of claimants along the Gulf Coast who received payments before the policy was revised in 2012, and at the time those payments were appropriate to the current policy. According to the settlement, the agreement was final, regardless of any future changes to BP’s policy.

For all the details, check out Larino’s full article: Attorneys say BP has no right to repayment on oil spill payouts

Related: BP oil-spill money appears closer to fruition

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