Court reverses decision on BP getting oil spill insurance money
Published: August 30,2013
Tags: appeal, bench, BP, court, crude, death, decision, diesel, disaster, ecosystem, energy, environment, fatality, fuel, gasoline, gulf of mexico, insurance, judicial, judiciary, law, loegal, offshore drilling, Oil, oil rig, oil spill, petroleum, restauratn, ruling, seafood, Tansocean, tourism, tourist, vacation, visitor, wildlife
NEW ORLEANS — A federal appeals court has withdrawn its earlier ruling that BP is entitled to a portion of $750 million in coverage under a contractor’s insurance policies to help the London-based oil giant pay for costs associated with its massive 2010 oil spill in the Gulf of Mexico.
A three-judge panel of the 5th U.S. Circuit Court of Appeals yesterday substituted its previous opinion in March with two questions for the Texas Supreme Court to answer. The panel said the policy factors at issue in the case are better gauged by the state high court than by a federal court.
BP leased the drilling rig that exploded in the Gulf from Transocean Ltd. and had a contract requiring the Swiss-based drilling company to maintain minimum insurance coverages for BP’s benefit.
To sign up for Mississippi Business Daily Updates, click here.
3 Responses to “Court reverses decision on BP getting oil spill insurance money”
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- GreenTech holds grand opening of neighborhood electric vehicle plant
- NEW IN MADISON COUNTY — Mississippi Bio-Medical Business Collaboratory to be introduced Friday
- Turner Grain’s transition will help consolidate lawsuits alleging breach of contract
- Alcorn president launches new customer service task force
- Mississippi Film Studios signs contract with New Orleans company
- David Duval, former British Open winner, joins Sanderson Farms field
- MDOT cutting more than 40 jobs in Right-of-Way Division
- Mars Food expanding Delta plant; investing $31M and adding jobs
- Granddaughter of Barq's Root Beer founder dies at 90
- Board authorizes sale of company that owns Silver Slipper Casino