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BP Will Ask Distric Judge to Block Certain Oil Spill Related Payments - Stock Slightly Lower

Posted
4/5/2013 10:13:00 AM
By: MT Newswires
Referenced Stocks:BP

BP Plc ( BP ) will ask U.S. District Judge Carl Barbier to block certain payments in its $8.5 billion settlement over the 2010 oil spill today in New Orleans, contending that these claims could cost the company billions more than expected, according to Bloomberg. News

According to BP, Settlement administrator Patrick Juneau's decisions have already exposed BP "to hundreds of millions of dollars in fictitious 'losses' that were never contemplated by the agreement."

BP shares are down 0.5% to $41.06, amid a 52-week range of $36.25 - $45.45.