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Share Price Information for BP (BP.)

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Share Price: 506.00
Bid: 505.80
Ask: 506.00
Change: -4.40 (-0.86%)
Spread: 0.20 (0.04%)
Open: 506.40
High: 515.30
Low: 504.70
Prev. Close: 510.40
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UK government lends hand to BP in U.S. Gulf oil spill ruling

Mon, 08th Sep 2014 00:29

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

A Louisiana court ruled last week that BP was "grosslynegligent" and "reckless" in the spill, a move that could addnearly $18 billion in fines to more than $42 billion in charges.

In a friend of court brief, the UK government said theruling by U.S. District Judge Carl Barbier raises graveinternational concerns by undermining confidence 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 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.

BP last week said it would appeal the court's ruling.

In response to the brief, BP said the petition emphasizesthe importance of fair and consistent application of law.

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

"..if companies are exposed to liability for losses they didnot cause, likely discourage them from investing in the UnitedStates," BP said in a statement. (Reporting by Aashika Jain in Bangalore; Editing by Eric Walsh)

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