Jan 10 (Reuters) - A panel of the 5th U.S. Circuit Court ofAppeals on Friday affirmed a federal judge's approval of amulti-billion dollar settlement between BP Plc and businessesand individuals who lost money and property in the 2010 Gulf ofMexico oil spill.
BP had supported the settlement agreement leading up to theDecember 2012 ruling by U.S. District Court Judge Carl Barbierapproving it. But the company has since argued theadministration of the settlement is faulty because it allowsclaimants without actual damages to join in.
In the 2-1 decision, the appeals court panel rejected thearguments by BP. It noted that the company had failed to explain"how this court or the district court should identify or evendiscern the existence of 'claimants that have suffered nocognizable injury.'"
BP had originally projected that its settlement in the casewould cost $7.8 billion. As of late October it had boosted thisestimate to $9.2 billion, and said this sum could grow"significantly higher."
The case stems from the 2010 explosion of the DeepwaterHorizon drilling rig and rupture of BP's Macondo oil well, whichkilled 11 people and triggered the largest-ever U.S. offshoreoil spill. The torrent fouled shorelines from Texas to Alabama.
Plaintiffs ranged from hotel owners to oyster gatherers.
Billions of dollars have already been paid out to claimants.
BP (BP.)
