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Share Price Information for BP (BP.)

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Share Price: 482.55
Bid: 482.60
Ask: 482.70
Change: 0.85 (0.18%)
Spread: 0.10 (0.021%)
Open: 479.85
High: 486.50
Low: 479.05
Prev. Close: 481.70
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REFILE-CORRECTED-UK government lends hand to BP in U.S. Gulf oil spill rulings

Mon, 08th Sep 2014 02:02

(Refiles to add dropped letter "s" in paragraph 9)

Sept 7 (Reuters) - The British government has urged the U.S.Supreme Court to review appeals court rulings against BP Plc over a 2010 Gulf of Mexico oil spill that produced one ofthe largest class actions in American history.

In a friend of court brief, the UK government said lowercourt rulings raise grave international concerns by underminingconfidence in the "vigorous and fair resolution of disputes."

The filing said BP, which has "gone to great lengths torestore the Gulf Coast", was now being required to pay largesums to others who were not injured by the Deepwater Horizon oilspill.

The London-based oil major is appealing lower courtdecisions within the last year that it believes wrongly requireit to compensate claimants who suffered no injuries from thespill.

The British government said treatment meted out to BPundermined the fairness and trust necessary for internationalcommerce.

The United States and Britain conduct more than $200 billionin trade each year, and UK businesses are responsible for 17percent of all foreign direct investment in the United States,according to the filing.

In a separate statement, BP said the government's petitionemphasizes the importance of fair and consistent application oflaw.

BP argued that the Fifth Circuit's decisions, if allowed tostand, will fundamentally alter class action law and discouragecompanies from settling complex cases.

It also said the decisions will likely discourage companiesfrom investing in the United States "if companies are exposed toliability for losses they did not cause.

Separately, a Louisiana court ruled last week that BP was"grossly negligent" and "reckless" in the spill, a move thatcould add nearly $18 billion in fines to more than $42 billionin charges.

BP last week said it would appeal that ruling. (Reporting by Aashika Jain in Bangalore; Editing by Eric Walsh)

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