The article says, BP WILL go to court tomorrow to try to overhaul a landmark $7.8bn compensation deal, citing a flood of “absurd and egregiously inflated” payments that threaten to “irreparably harm” the company.
Extracts from court papers filed by BP:
“Plaintiffs’ lawyers across the gulf region are now openly advertising that the settlement is a way for claimants to collect payouts even if they have no losses at all. If this travesty is allowed to continue, BP will be irreparably harmed, and future defendants will be reluctant to settle because they cannot be confident that settlement agreements will be construed textually and fairly.
In the interest of justice, and to provide efficient and responsible compensation to businesses actually damaged by the oil spill, this court should reverse the district court’s decisions and correct its misinterpretations of the settlement agreement.”