The Fifth U.S. Circuit Court of Appeals in New Orleans ruled late last week that BP has the right to appellate review of some damage claims awarded to people and businesses in connection with the 2010 Gulf of Mexico oil spill. A Reuters report assessing BP’s regulatory filings found that BP originally expected to pay $7.8 billion to resolve claims under a 2012 settlement, but by late April it had boosted its estimate to $10.3 billion. About $5.13 billion has already been paid out so far to 63,597 claimants. BP complained in seeking this right that rules adopted by U.S. District Judge Carl Barbier compromised its right to appeal awards of which he approved but which were contested by BP. Judge Fortunato Benavides, for the federal court, found that BP deserved that right to appeal because it did not expressly waive it.
Read full coverage from Reuters via Insurance Journal here.