A panel of judges from the 5th U.S. Circuit Court of Appeals Friday affirmed a lower court’s approval of the $9 billion dollar settlement between the oil giant and those who said they were damaged by the Deepwater Horizon spill in the Gulf of Mexico.
BP had argued that the way the 2012 settlement agreement was being administered was unfair because it allowed claims by businesses and people who couldn’t show actual damages.
Two judges from the three-judge federal appeal panel that sits in New Orleans rejected BP’s arguments.
BP said Saturday it may seek a further review by another court.
“BP will continue to press its position on the proper interpretation of the settlement agreement’s provisions requiring a causal nexus between a claimant’s injury and the spill,” BP spokesman Geoff Morrell said.
BP first estimated its settlement costs would be $7.8 billion. But by late October it raised the estimate to $9.2 billion and warned of even higher potential costs.
“Amongst the claims against which BP has protested are one for $21 million from a Louisiana rice mill which is located 40 miles from the coast and which earned more revenue in 2010 than in any of the previous three years,” Reuters said.
The Deepwater Horizon drilling platform exploded in 2010, killing 11 people and causing the biggest U.S. offshore oil spill.
BP has reserved $42.4 billion to cover the clean-up, compensation and fines and has reportedly sold $38 billion in assets to cover the costs.