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NEW ORLEANS — A federal appeals court has withdrawn its earlier ruling that BP is entitled to a portion of $750 million in coverage under a contractor’s insurance policies to help the London-based oil giant pay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”
Top Posts & Pages
- A BIG CHANGE: New mortgage rules seen bringing increase in pricey mobile home loans
- Analyst: KiOR Columbus plant may end up sold as scrap
- Warden who lives hundreds of miles from jail resigns
- Ex-MDEQ leader Fisher joins Butler Snow
- Jail kitchen supervisor pleads guilty to stealing food
- (UPDATE) Gov. Bryant: $1.2 billion aluminum plant is a very exciting proposition for the state of Mississippi
- WILLOUGHBY: Bernie Reed cites hard work as key to success of Reed’s Metals
- Hunting-weapons legislation passes House
- Nehi Bottling Company has been a Cleveland fixture for 85 years