P. 1
Bp Letter 062613

Bp Letter 062613

|Views: 6,398|Likes:
Published by Simone Sebastian
In a letter to certain claimants in the 2010 Gulf of Mexico oil spill, BP warns some businesses that received compensation from its multibillion-dollar Gulf oil spill settlement that they may have to give the money back if the company wins its appeal of the claims administrator’s payments to people the company alleges weren’t harmed by the disaster.
In a letter to certain claimants in the 2010 Gulf of Mexico oil spill, BP warns some businesses that received compensation from its multibillion-dollar Gulf oil spill settlement that they may have to give the money back if the company wins its appeal of the claims administrator’s payments to people the company alleges weren’t harmed by the disaster.

More info:

Categories:Types, Business/Law
Published by: Simone Sebastian on Jun 26, 2013
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

09/15/2013

pdf

text

original

Daniel A. Cantor Daniel.Cantor@aporter.com +1 202.942.5765 +1 202.942.

5999 Fax 555 Twelfth Street, NW Washington, DC 20004-1206

June 25, 2013

VIA ELECTRONIC MAIL

I write on behalf of BP Exploration & Production Inc. and BP America Production Company (collectively “BP”) in connection with the pending appeal before the United States Court of Appeals for the Fifth Circuit in In re: Deepwater Horizon, No. 13-30315 (consolidated with No. 13-30329). You are receiving this letter solely in your capacity as the counsel for your client in connection with claim (the “Claim”) for which your client has received payment. As you may know, the above referenced appeal concerns, inter alia, the interpretation of the business economic loss (“BEL”) framework in the Economic and Property Damages Settlement Agreement that was approved by the United States District Court for the Eastern District of Louisiana on March 5, 2013. Reversal of the district court’s ruling regarding the methodology for calculating Variable Profit, and subsequent application of the correct interpretation of the settlement agreement, could reduce the number and amount of awards that BP has been deemed to owe to BEL claimants. If BP prevails in that pending Fifth Circuit appeal, therefore, BP expects that the Claims Administrator will fulfill his fiduciary duties by seeking to recover all excessive claims payments made by the Court-Supervised Settlement Program. With this letter, BP notifies you that it reserves whatever rights it may have to recover the payment(s) made to your client in connection with the Claim to the extent such payment(s) exceed what would be owed under the proper method of calculating Variable Profit as determined by the Fifth Circuit. BP reserves whatever rights it may have to pursue any legal method to recover such overpayments.

June 25, 2013 Page 2

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. BP further notifies you that it also reserves any rights it may have to recover funds from the attorneys of claimants in the event of reversal, if those attorneys have a contingent-fee interest in the payment of the Claim. Sincerely,

Daniel A. Cantor Counsel for BP cc: Steve Herman, Esq. James Roy, Esq.

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->