Friday, August 30, 2013
BP is upset that bogus claims are being filed against it in connection with its settlement of claims relating to the Deepwater Horizon explosion (pictured) and oil spill. It has responded with a full-page ad in major newspapers (which you can view on Forbes's website). According to the ad, BP negotiated a settlement three years ago relating to claims arising out of the Deepwater Horizon incident. BP now claims that claims are being paid out to businesses that did not suffer damages relating to the incident.
Responses range from Forbes's allegations that BP is suffering "buyer's remorse" to Business Insider's suggestions that some parties (often identified as "plaintiffs' lawyers") are seeking to feed at the trough of a potentially large fund available to anyone with a colorable claim on it. The Wall Street Journal blog provides some insights here.