• 5 minutes Global Economy-Bad Days Are coming
  • 8 minutes IT IS FINISHED. OPEC Victorious
  • 14 minutes Venezuela continues to sink in misery
  • 17 minutes Could Tesla Buy GM?
  • 3 hours OPEC Cuts Deep to Save Cartel
  • 2 hours Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 4 hours Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 16 hours Price Decline in Chinese Solar Panels
  • 6 hours U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 8 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 4 hours And the War on LNG is Now On
  • 2 hours What will the future hold for nations dependent on high oil prices.
  • 13 hours USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 2 hours Air-to-Fuels Energy and Cost Calculation
  • 21 hours Alberta Cuts Push Prices Too High
  • 17 hours Rigs Down
Morgan Stanley Slashes Oil Price Forecast For 2019

Morgan Stanley Slashes Oil Price Forecast For 2019

Investment bank Morgan Stanley has…

BP Warns Claimants they may have to Return Compensation

BP is appealing that some of the claims made by businesses as part of its multi-billion dollar settlement were false, or at least over exaggerated, and has sent out letters to warn those businesses they may have to pay the compensation back if their appeal is successful.

BP states that claims administrator Patrick Juneau rewrote some of the wording of the class-action settlement, which could result in billions of dollars more being paid to claimants, but the steering committee contend that BP was well aware of the details of the deal, and agreed to the rules for calculating compensation.

The steering committee, who negotiated the settlement deal with BP, is not happy, claiming that BP should not have any direct contact individual claimants or their lawyers, but Geoff Morrell, a spokesman for BP, has assured that the letters are not legally entitled, and merely intended to notify the claimants that they may have to return the money.

Related article: European Resistance to Gazprom is Futile

BP’s lawyer, Daniel Cantor, wrote in the letters: “You may wish to advise your client to consider the effect of such potential obligations for budgeting and planning purposes and in relation to any financial statements or other financial reports and disclosures submitted to regulatory agencies or other third parties.”

Personally I think that BP is acting responsibly, allowing companies, who may not have been aware of the situation, to budget for the possibility of returning the money, rather than letting them spend it all and then finding themselves in financial trouble in the future. However, the lawyers for the sterring committee, James Roy and Stephen Herman, angrily commented that, “no process exists to alter the amount of an award after it has been paid.”

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News