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Businesses won't have to return BP spill payouts
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Businesses won't have to return BP spill payouts

NEW ORLEANS- BP wanted its money back - hundreds of millions of dollars of it - but a federal judge says the oil giant must stick by an agreement with companies that got payouts after claiming the 2010 Gulf oil spill hurt their business.

BP argued Wednesday that a flawed funding formula in the settlement is giving money to businesses for questionable claims, and they should be forced to return it.

But U.S. District Judge Carl Barbier says a deal is a deal. Barbier had ordered the formula changed several weeks ago

Barbier ruled the payments agreed to by BP included a provision that they would not be changed by later court action.

His ruling thwarts BP's latest attempt to control its soaring liability from the spill, which may be nearing $50 billion.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

http://www.winknews.com/Business/2014-09-24/Businesses-wont-have-to-return-BP-spill-payouts

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