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Divided 5th Circuit Panel Affirms Approval Of Gulf Oil Spill Settlement

NEW ORLEANS - A 2-1 panel of the Fifth Circuit U.S. Court of Appeals on Jan. 10 affirmed a decision by the federal judge in Louisiana overseeing claims stemming from the explosion of the Deepwater Horizon oil rig and ensuing oil spill in the Gulf of Mexico to approve a $9.2 billion settlement agreement between BP Exploration and Production Inc. and businesses that allegedly suffered business economic losses (BEL), finding that the agreement satisfied Federal Rule of Civil Procedure 23 (In re: Deepwater Horizon, No. 13-30095, 5th Cir.).
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