BP Plc could breath a sigh of relief after New Orleans federal judge allowed the company not to pay the second half of the $2.3 billion compensation that was promised due to fraud and discrepancy. However, there are still lots of government fines and penalties to settle that would take them less than 20 years to pay by selling their assets.
A U.S. appeals court said BP Plc, which in July reached a $18.7 billion settlement of federal, state and local claims over the 2010 Gulf of Mexico oil spill, must face one of two proposed class-action lawsuits claiming that the oil company defrauded shareholders over the disaster.
In early May, with its legal options dwindling and investors impatient, BP Plc saw a chance to negotiate what became a $18.7 billion settlement that ended five years of litigation over the worst offshore oil spill in U.S. history.
A U.S. federal appeals court said on Friday BP Plc deserves the right to appellate review of some damage claims awarded to people and businesses in connection with the 2010 Gulf of Mexico oil spill.
