Mon, Apr 21, 2014, 10:25 AM EDT - U.S. Markets close in 5 hrs 35 mins

Recent

% | $
Quotes you view appear here for quick access.

BP plc Message Board

  • retiredbill retiredbill Aug 4, 2013 3:29 AM Flag

    BP Says Loss on Spill Claims Appeals Could Scuttle Settlement

    Aug 3, 2013
    BP Says Loss on Spill Claims Appeals Could Scuttle Settlement

    Google the header...........

    ** The settlement BP Plc (BP/) reached last year with most private parties over the 2010 Gulf of Mexico oil spill could be scuttled if a U.S. appeals court doesn’t throw out the interpretation of payments being used by the claims administrator, the company said.

    The oil company is appealing a ruling by U.S. District Judge Carl Barbier, who has three times refused to order Juneau to adopt an interpretation of deal terms that BP prefers. London-based BP claims Juneau’s decision results in different levels of compensation for victims with similar injuries, which it contends violates the legal requirements of a class, or group, settlement. **

    Bill

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Bill: The comments referenced in the headline of this August 3 article were said to have been made in a filing by BP that "seek[s] to end delays in a separate appeal before the 5th Circuit that challenges the entire settlement that BP entered into in 2012. The appeal of the overall settlement was filed in 2012 by a variety of organizations that said their clients either were not included or received too little in the private settlement of economic and medical claims agreed to by BP and attorneys representing more than 100,000 claimants."

      So, this 2012 appeal was filed by an array of disgruntled plaintiffs who don't like the settlement that BP struck with PSC (plaintiffs' steering committee) for the entire class of plaintiffs in order to obviate a trial against them, and BP is attempting to uphold that settlement by opposing this 2012 appeal. Meanwhile, BP is awaiting a ruling from the very same appellate court (the 5th Circuit) on its own (fast-tracked?) appeal that challenges the way that very settlement is being administered. Talk about confusing! I guess the way to harmonize the company's positions in those two appeals is that it likes the settlement it struck and wants to enforce it, but it doesn't like the way it is being administered.

    • Enough is enough. Moving the goal posts every time a new judge hears the case is absurd. This is all being done because B.O. hates the Brits and for no other reason. A stock with these earnings should be nearing $100.00.

    • bijom@verizon.net bijom Aug 4, 2013 8:32 AM Flag

      Finally, they're getting up on their hind legs and fighting! I just hope it's not too late.

      Appealing individual claims, though, sounds like BP is taking its complaints to an unfriendly kangaroo court. If I've read the article correctly, individual claim challenges go to a local review board and then back to Barbier anyway.

      I'm thinking that at best with that scenario, BP might get the appearance of fairness with a few token wins, but it would only be a smoke screen for the larger pattern of fraud that is taking place.

      • 1 Reply to bijom
      • I kind of agree bijorn. But, I don't think that BP is taking poop anymore and Dudley said that he is moving forward to protect shareholder interests as best as he can. I think powerful and influential people will be put forward. Plus, BP has a team of people much smarter than everyone combined on this board and they want money too.....and the REAL money, not vaginal warts (not saying she has them, just saying she acts as I feel they feel to someone who had them. I am a man and std free thankfully) like Vikki are nothing but things the world tries to treat and get rid of no matter how irritating they are. Those things will linger and be annoying forever but don't stop life, they just hinder them sometimes.

 
BP
49.04+0.1600(+0.33%)10:24 AMEDT

Trending Tickers

i
Trending Tickers features significant U.S. stocks showing the most dramatic increase in user interest in Yahoo Finance in the previous hour over historic norms. The list is limited to those equities which trade at least 100,000 shares on an average day and have a market cap of more than $300 million.