BP Exploration & Production Inc. told the Fifth Circuit on Friday that class counsel in its $7.8 billion property damage settlement over the Deepwater Horizon oil spill negotiated an unfair class definition that, if upheld, would invalidate the deal. BP argues that a Louisiana federal court, at the urging of class counsel, adopted an interpretation of the settlement expanding the class definition to include businesses with no losses at all and to pay inflated awards to businesses whose actual lost profits are smaller.
Posted on: Fri, 30 Aug 2013 23:18:26 +0000
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