Four years later, it is clear BP gravely miscalculated the magnitude of their mistake. On Monday, the United States Supreme Court rejected BP’s settlement appeal regarding 2010’s Deepwater Horizon disaster in the Gulf of Mexico. The ruling – the latest of several against the company – means the oil and gas major will have to continue its payments to affected businesses and individuals. Shares of the company fell nearly three percent following the verdict, putting an exclamation mark on what has been a tough final quarter for the British multinational. BP, whose legal odyssey is far from over, now faces an even tougher 2015 as the company looks to leverage its future to overcome its past.
BP maintains federal courts and the claims administrator have misinterpreted its 2012 settlement, allowing unaffected parties to collect millions in unwarranted damages – an argument the highest court decided not to hear. The settlement, originally valued at $7.8 billion, could soon break the $10 billion mark.