BP to take spill costs appeal to Supreme Court

 
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OIL GIANT BP is appealing to the US Supreme Court over its payments to businesses caught up in the Gulf of Mexico oil spill, arguing that it is paying compensation to firms whose losses have “no apparent connection” to the disaster in 2010.

The company is taking its case to the highest court in the United States after an appeals court in New Orleans earlier this week denied BP’s request for a rehearing.

BP has set aside $42.7bn (£25.3bn) to make amends for the oil spill four years ago, but said this class action settlement could cost significantly more than the estimated $9.2bn if claims from who were not harmed by the spill are allowed.

The FTSE 100 company wants payments to be suspended while its appeal makes its way through the courts.

“No company would agree to pay for losses that it did not cause, and BP certainly did not when it entered into this settlement,” the firm said in a statement yesterday.

The court that made Monday’s ruling against BP was divided, with one judge calling on a higher court to resolve the matter.