BP is digging in for a long legal battle over the Gulf of Mexico oil spill, Chief Executive Bob Dudley said on Tuesday after compensation costs soared for a second straight quarter.
The payouts, the scale of which BP is disputing even though they are one part of the case that was settled last year, have been the focus of attention in recent months in a wider legal process that has saddled BP with a $42.4 billion clean-up, fines and compensation burden and could yet cost billions more.
BP has said some of claims being paid are "absurd" and "fictitious" and that the terms are being misinterpreted to allow businesses which had no spill-associated loss receive payment. It has so far failed in all its attempts to stop them.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
