BP has decided to halt its efforts to reclaim improperly paid damages associated with the 2010 Deepwater Horizon disaster. According to an AP report, the company recently filed a motion to withdraw an appeal before the 5th U.S. Circuit Court of Appeals in New Orleans over what it said were overpayments worth hundreds of millions of dollars and involving more than 790 businesses. After a 2012 settlement with businesses and individuals was approved, BP argued that the claims administrator had not been correctly matching business’ revenues and expenses, resulting in overpayments. A court eventually ordered a new calculation method but refused to order restitution of payments already made. BP management has apparently withdrawn the appeal as a business decision to focus on winding down the five year old claims process in the Gulf.
Read more via Biz New Orleans here.