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BP Holdings Articles (BP)

BP Holdings Articles (BP)


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  • BP Holdings - Shortly after an explosion on British Petroleum's Deepwater Horizon oil rig killed 11 people and spilled an estimated 210 million gallons of oil off the coast of Louisiana, the company sprung into action to protect what matters -- its public image. BP spent more than $93 million on newspaper and TV ads in the weeks immediately following the disaster, and they've since spent hundreds of millions of dollars on several rounds of media campaigns to convince the public that they care. When all is said and done, BP will likely be on the hook for tens of billions of costs related to the spill. So why the PR campaign? Their actions behind the scenes give us a hint.

    Two years after the spill, BP entered a comprehensive, multibillion-dollar settlement to compensate those affected by the disaster. Negotiated for more than 18 months, the 1,100-page document provides a system of internal controls, appeals, and remedies through which victims can seek compensation. In an unprecedented move, BP is now objecting to its own settlement.

    The company is claiming that it is being subjected to so-called fraudulent claims, which by all accounts seem perfectly consistent with the terms of the settlement that BP itself agreed to. BP's lawyers spent months pouring over every word of the settlement language, eventually agreeing to a "transparent, objective" standard for determining the amount claimants would be owed. Those same lawyers recently appeared before the 5th Circuit C...

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