BP FULL LIABILITY $13.7 BLN
The U.S. Supreme Court refused to hear an appeal from oil majors BP and Anadarko Petroleum leaving intact a lower court ruling that makes the firms potentially liable for billions of dollars in fines for the disastrous oil spill in the Gulf of Mexico in 2010.
The high court decided to let a ruling by U.S. District Judge Carl Barbier that BP and Anadarko were automatically liable as co-owners of the Deepwater Horizon oil rig stand. A decision to consider the case could have resulted in a delay in Barbier's anticipated ruling on a government request for up to $13.7 billion in civil fines from BP and over $1 billion from Anadarko.
Statements from parties involved
"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," lead plaintiffs' attorneys Stephen J. Herman and James P. Roy noted in an email to the media.
"We're pleased with the decision," Wyn Hornbuckle, a Justice Department spokesman, commented in an e-mail Monday afternoon.
BP spokesman Goeff Morrell said in a statement that the firm remains concerned "that the program has made awards to claimants that suffered no injury from the spill — and that the lawyers for these claimants have unjustly profited as a result."
Morrell continued to say, "We will therefore continue to advocate for the investigation of suspicious or implausible claims and to fight fraud where it is uncovered."
More on BP / Anadarko Supreme Court ruling
The Supreme Court's decision makes the economic and property damage settlement final, starting a six-month deadline for filing claims, plaintiffs' attorney Joe Rice pointed out.
Of note, BP and Anadarko requested the court to consider whether people and businesses looking for payments under the settlement included a number of parties who have not suffered any injury related to the spill.
Both a district court and an appeals court had ruled earlier that BP's settlement meant businesses on the gulf do not have to prove they were directly harmed by the spill to make a claim, they only have to prove they made less money in the three to eight months after the spill than in a comparable span before the spill.
|August, 15, 11:10:00|
|August, 15, 11:05:00|
|August, 15, 11:00:00|
|August, 15, 10:55:00|
|August, 15, 10:50:00|
|August, 15, 10:45:00|
WNN - Rusatom International Network - a subsidiary of Russian state nuclear corporation Rosatom - has signed a memorandum of understanding and cooperation with the Eurasian Development Bank (EDB). The memorandum provides for establishing common principles of bilateral cooperation with Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other countries.
BLOOMBERG - The Norwegian government in June made its first deposit into its wealth fund since the end of 2015. Now that the economy is in full recovery and the labor market is tightening, winding down fiscal stimulus is a key priority in next year’s budget, the prime minister said in an interview in Arendal, on Norway’s southern coast.
PLATTS - A deal between Chinese companies and Alaska's state gas corporation to build the $43 billion Alaska LNG Project appears to be on scheduled despite the trade war brewing between the US and China.
REUTERS - Benchmark Brent crude oil LCOc1 was up 10 cents at $72.91 a barrel by 0930 GMT. U.S. light crude CLc1 was unchanged at $67.63 a barrel.