BP’s efforts to challenge the multibillion-dollar settlement agreement it signed regarding the 2010 Deepwater Horizon explosion and oil spill in the Gulf of Mexico have officially been shut down by the U.S. Supreme Court. On Monday December 8, 2014, the high court ruled that it will not review BP’s petition (BP Exploration and Production Inc. v. Lake Eugenie Land and Development Inc., U.S. Supreme Court, No. 14-123).
This BP settlement challenge had specifically alleged that:
- The court-appointed settlement program administrator Patrick Juneau has been inappropriately interpreting the settlement agreement.
- Consequently, the program has been approving payouts for claims that can’t prove losses related to the oil spill.
Effectively, this means that BP will still be required to continue to pay claims through Deepwater Horizon Court-Supervised Settlement Program. Some legal professionals following this BP settlement challenge have found that the U.S. Supreme Court’s recent decision marks a significant victory for people and businesses impacted by the oil spill and that this decision should finally end BP’s two-year effort to attack its own settlement program.
Background on the BP Settlement Challenge
The now rejected BP settlement challenge specifically pertained to corporate claims regarding alleged economic losses caused by the April 2010 Deepwater Horizon rig explosion and massive oil spill in the Gulf of Mexico. In attempting to show how unrelated corporate loss claims may be receiving payouts from the settlement program, BP has pointed out as examples:
- A claim related to a Mississippi hotel that ultimately received upwards of $450,000 even though the hotel had been closed as a result of an unrelated fire
- A claimed related to a Louisiana nursing home that ultimately received $662,000 even though the facility had been closed before the spill occurred.
According to BP, a total of:
- $2.3 billion has already been paid out of the settlement program
- $4.25 billion has been set aside to pay individual and business claims.
Denied BP Settlement Challenge Is One of May Recent Setbacks for BP…
The Supreme Court denial of the BP settlement challenge is just one of a series of setbacks the oil giant may be facing. In fact, additional spill-related issues BP is also dealing with at the moment include:
- A $4.5-billion payment to the U.S. government to resolve the criminal case that had been pending against BP
- An upcoming trial that BP will be facing in January 2015 related to whether the company should be on the hook for paying as much as $18 billion in penalties related to violations of the Clean Water Act.
BP Claims Funding at Case Funding
If your business has submitted a business economic loss (BEL) claim to the Deepwater Horizon Court-Supervised Settlement Program you can contact Case Funding to learn more about our business loan program for BP claims applicants.
Based in New York City and Reno Nevada, with legal and accounting resources in New Orleans, Louisiana, Case Funding Inc. is one of the largest legal finance companies in the nation and an industry leader that provides pre-settlement lawsuit funding to individuals involved in personal injury lawsuits, product liability lawsuits and other litigation throughout the USA. Case Funding is a subsidiary of a public company with substantial financial resources and operates to the highest ethical, legal and business standards.
To find out how more about how we can help you, call one of our specialists at (800) 543-4043 or by submitting the contact form on this page for a prompt response.
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