Wednesday, October 2, 2013

BP Convinces Court to Delay Settlement

BP, BP Oil Spill Claims,  BP Oil Spill Settlement
BP Convinces Court to
Delay Settlement
We have posted the complete opinion delaying the settlement payments below:

IN THE UNITED STATES COURT OF APPEALS

"We REVERSE the district court’s order affirming the Administrator’s interpretation of the Settlement and denial of a preliminary injunction and REMAND to the district court for further consideration while retaining jurisdiction."

"The balance of equities favors a tailored stay. The interests of individuals who may be reaping windfall recoveries because of an inappropriate interpretation of the Settlement Agreement and those who could never have recovered in individual suits for failure to show causation are not outweighed by the potential loss to a company and its public shareholders of hundreds of millions of dollars of unrecoverable awards. A stay tailored so that those who experienced actual injury traceable to loss from the Deepwater Horizon accident continue to receive recovery but those who did not do not receive their payments until this case is fully heard and decided through the judicial process weighs in favor of BP. We therefore REVERSE the denial of the preliminary injunction  and instruct the district court to expeditiously craft a narrowly-tailored injunction that allows the time necessary for deliberate reconsideration of these significant issues on remand."