The court handling litigation over the 2010 Deepwater Horizon oil spill ruled on Wednesday, September 24, 2014, that BP PLC could not recover payouts to plaintiffs it claims were improper. U.S. District Court Judge Carl Barbier of the Eastern District of Louisiana ruled that the payments could not be recouped, because the settlement in the class action case did not have a clawback provision.
BP had argued that it should be able to recover the payments because accounting requirements related to the settlement had been misinterpreted. The payments in question were made to businesses, which BP says either overestimated their losses from the oil spill or had no losses at all.
BP’s payout estimate for the s program was reported to be approximately $7.8 billion. The company’s actual payouts have been much higher. BP has stated that it will appeal Judge Barbier’s ruling.
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