BP gets court defeat as Gulf leak costs look set to soar Jeff Whyte
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The Fifth Circuit appeals court in New Orleans has rejected the oil giant’s request for a full review of its case. Its only path to avoid the size of the bill increasing by billions is to go to the US Supreme Court, lodging a request within 90 days. The company has argued that the compensation dispensation system is being operated incorrectly.
Rising costs
BP had previously estimated that its costs could rise to US$9.2b under the present compensation system but, after making that calculation, said that it could be considerably more. Source: Financial Times
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