BP Asks Judge to Stop Payments on Oil Spill Settlement

Bloomberg reported that BP Plc has asked US District Judge Carl Barbier to stop some payments under the $8.5B oil spill settlement saying that the administrator is misinterpreting damage claims thus exposing the company to hundreds of millions of dollars worth of fictitious losses.

As quoted in the market news:

BP said it will ask Barbier for a preliminary injunction blocking payment on any business-loss claim calculated under Juneau’s disputed interpretation of the settlement accord.

If Barbier refuses that request, BP said it will alternatively ask him to ban payments on all economic-loss claims by any businesses in the industries in which BP claims the fictitious losses have been most prevalent.

Click here to read the full Bloomberg report.