British oil company BP wants Prime Minister David Cameron to intervene with the U.S. government over the escalating cost of compensating U.S. companies for the Gulf of Mexico oil disaster in 2010, the BBC reported Thursday.
BP is still fighting a court battle in New Orleans over fines and other potential spill liabilities, but it struck a deal last year with a wide range of compensation claimants, including businesses.
The total amount was not set, and BP has set aside over $8 billion to make the payments, but it now sees those business economic loss (BEL) payments escalating, and is challenging the way they are being calculated – calling some of the claims “fictitious” and “absurd”.
It has already lost one appeal to have the payments stopped and now plans to go to a higher court.
Was this article valuable?
Here are more articles you may enjoy.
Safepoint Exec Pay, Slide’s Stock Sell-Offs Getting Attention in Florida 
CopperPoint Insurance to Acquire Surety Specialist General Indemnity Group 
US P/C Insurers Post Biggest Q1 Underwriting Profit in 25 Years 
