OIL GIANT BP has placed adverts in leading US newspapers defending itself against claims for “inflated” or inexistent losses from the 2010 Gulf of Mexico disaster, ahead of an 8 July appeal court hearing.
The firm’s adverts in the Wall Street Journal, New York Times and Washington Post accuse lawyers and politicians of encouraging the submissions of “thousand of claims for inflated losses, or losses that do not even exist”.
BP has said that the lawsuits, which could potentially add up to billions of dollars, would leave it “irreparably harmed”.
BP has no control over its payments to claimants, having agreed a compensation formula and framework in a legal settlement covering certain personal and business liabilities.
The company insists that the formula is being misinterpreted, although the claims administrator disagrees, and is hoping to appeal the process next month.
City A.M. Reporter