BP Plc has billions of dollars in the balance as it asks a U.S. appeals court to reject a claims administrator's interpretation of the company's partial settlement over the 2010 Gulf of Mexico oil spill.
The company contends the administrator, Patrick Juneau, is approving millions of dollars in "fictitious" payments for business losses based on what BP believes is a flawed interpretation of the agreement reached with victims' lawyers in 2012. These interpretations have already prompted the company to add hundreds of millions of dollars to the estimated $7.8 billion cost of the settlement and may force it to pay billions of dollars more than expected, BP said in court papers.
A three-judge panel of the U.S. Court of Appeals in New Orleans is scheduled today to hear BP's arguments seeking to reverse a lower-court ruling and rein in Juneau.
"BP feels aggrieved and this is their last shot," said Peter Hutton, an analyst at RBC Capital Markets in London. "If they can't get what they see as due process, it will have implications for their confidence doing business in the States."
U.S. District Judge Carl Barbier in New Orleans in March ruled that Juneau is interpreting the contract properly. In April he dismissed BP's lawsuit against Juneau and rejected a request for an injunction barring certain payments while the company appealed his March order.
Read the full story at Bloomberg>>
National Fisherman Live: 10/21/14
In this episode:
North Pacific Council adjusts observer program
Fishermen: bluefin fishing best in 10 years
Catch limit raised for Bristol Bay red king crab
Canadian fishermen fight over lobster size rules
River conference addresses Dead Zone cleanup
National Fisherman Live: 10/7/14
In this episode, National Fisherman Publisher Jerry Fraser talks about the 1929 dragger Vandal.
NOAA and its fellow Natural Resource Damage Assessment trustees in the Deepwater Horizon oil spill have announced the signing of a formal Record of Decision to implement a gulf restoration plan. The 44 projects, totaling an estimated $627 million, will restore barrier islands, shorelines, dunes, underwater grasses and oyster beds.
The Golden Gate Salmon Association will host its 4th Annual Marin County Dinner at Marin Catholic High School, 675 Sir Francis Drake Blvd., Kentfield on Friday, Oct 10, with doors opening at 5:30 p.m.