BP statement re ruling by US Court of Appeals

RNS Number : 6055P

BP PLC

03 October 2013

 



This statement was issued late yesterday (2 October 2013) in the US.

BP statement re: ruling by U.S. Court of Appeals for the Fifth Circuit.

BP is extremely pleased with today's ruling by the U.S. Court of Appeals for the Fifth Circuit setting aside the claims administrator's interpretation of the business economic loss framework in the settlement agreement BP reached with the Plaintiffs' Steering Committee last year. Today's ruling affirms what BP has been saying since the beginning: claimants should not be paid for fictitious or wholly non-existent losses. We are gratified that the systematic payment of such claims by the claims administrator must now come to an end.

As part of today's decision, the Fifth Circuit has also reversed the District Court's denial of BP's motion for a preliminary injunction staying the payment of business economic loss claims under the agreement. The Fifth Circuit has ordered the District Court to "expeditiously craft" an injunction that stays payments to people who did not suffer "actual injury traceable to loss from the Deepwater Horizon accident" until the matter is "fully heard and decided through the judicial process."

The Fifth Circuit has remanded the matter for further proceedings in the District Court.

BP is assessing the further implications of the Fifth Circuit's decision and will issue an additional statement in due course

Further information:

BP press office, London: [phone], [e-mail]

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