BP oil spill settlement upheld

A federal appeals court on Friday upheld a judge's 2012 approval of BP's multibillion-dollar settlement with lawyers for claimants who said the 2010 Gulf of Mexico oil spill coast them money, The Associated Press reports.

BP claimed the 2012 ruling by U.S. District Judge Carl Barbier was flawed. BP said Barbier misinterpreted settlement terms in such a way that the oil giant would have to pay for billions of dollars in faulting claims by businesses.

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On Friday, a divided panel ruled that Barbier did not err in determining that the claimants had in fact suffered an injury connected to the oil spill.

"No case cited by BP or the Objectors suggests that a district court must also safeguard the interests of the defendant, which in most settlements can protect its own interests at the negotiating table," the ruling states.

BP took out a series of ad campaigns leading up to the ruling, claiming it was being required to pay claimants who lied about costs incurred due to the spill.

But the company's allegations did not sway the panel on Friday.

“In support of this allegation, BP presents us with a series of economists’ declarations that had not been provided to the district court when the class was certified,” the ruling states.