The Shadow of BP’s 2010 Oil Spill Just Grew Longer
How much financial compensation individuals and business harmed by BP’s (NYSE:BP) 2010 Deepwater Horizon oil spill should receive has been adjusted several times and debated over and over again.
Up until approximately six months ago, BP attempted to cooperate with the mountain of litigation that government agencies, private individuals, and businesses dumped on its docket, spending more than $25 billion cleaning up the marshes, fisheries, and beaches along the coast and compensating victims.
But in February, that changed. The company stopped pursuing a settlement for the federal government’s civil charges, and the trial began in a New Orleans district court. Several months later, when the restitution payments started to overshoot their original estimate, BP began to contest the manner in which restitution payments were awarded, arguing that court-appointed fund administrator Patrick Juneau compensated “fictitious claims,” according to Reuters.