Yes, BP, you do have to pay up for the Gulf Oil Spill!
After years of litigation, the U.S. Supreme Court rejected British Petroleum’s (BP) challenge to a settlement agreement regarding the 2010 Gulf of Mexico oil spill. The decision came Monday after BP argued against required payouts to businesses it thought were not affected by the oil spill, saying many claims could not trace the losses to the oil disaster.
The original settlement was agreed upon and signed by the oil giant in 2012 to compensate all victims, but the company says the agreement was misinterpreted, forcing payment to those who were not involved with the spill. Now, BP is estimated to pay back nearly $9.7 billion to claimants, but the estimation could grow as the payout process progresses. So far, it has paid $2.3 billion in loss claims.
The lead attorneys for the class of affected businesses said in a statement, “Today’s ruling is a huge victory for the Gulf, and should finally put to rest BP’s two-year attack on its own settlement.” The current settlement in question is only a portion of the billions of dollars BP still has to pay in fines and clean-up costs. Not to mention, the settlements related to the 11 workers who were killed when the oil rig exploded off the coast of Louisiana. The company reportedly has set aside $42.5 billion to help with those costs.
BP, I understand you don’t want to make payouts if you think the business was unaffected, but your public image is so bad, you might as well give $20 to every person who’s heard of the oil spill!
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