Businesses won’t have to return BP spill payouts

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Businesses won't have to return BP spill payouts
FILE - In this Monday, June 7, 2010 file photo, patches of oil from the Deepwater Horizon spill are seen from an underwater vantage, in the Gulf of Mexico, south of Venice, La. In a federal court hearing Wednesday, Sept. 24, 2014, in New Orleans, U.S. District Judge Carl Barbier ruled BP PLC must stick by an agreement with companies that got payouts after claiming the 2010 Gulf oil spill hurt their business. His ruling thwarts BP's latest attempt to control its soaring liability from the spill, which may be nearing $50 billion. (AP Photo/Rich Matthews, File)

NEW ORLEANS (AP) — BP wanted its money back — hundreds of millions of dollars of it — but a federal judge says the oil giant must stick by an agreement with companies that got payouts after claiming the 2010 Gulf oil spill hurt their business.

BP argued Wednesday that a flawed funding formula in the settlement is giving money to businesses for questionable claims, and they should be forced to return it.

But U.S. District Judge Carl Barbier says a deal is a deal. Barbier had ordered the formula changed several weeks ago

Barbier ruled the payments BP agreed to included a provision that they would not be changed by later court action.

His ruling thwarts BP’s latest attempt to control its soaring liability from the spill, which may be nearing $50 billion .



 

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