Published January 13, 2015
BP is seeking to stop paying millions of dollars in what it calls spurious compensation claims stemming from the catastrophic 2010 oil spill in the Gulf of Mexico.
The company warned Thursday that the excessive claims are jeopardizing its financial prospects.
It has sought an injunction in U.S. courts, arguing that Gulf coast businesses are pursuing multi-million dollar claims for "non-existent, artificially calculated" losses.
The disaster cost 11 lives and caused extensive damage to the fishing and tourism industries in addition to widespread environmental damage. The company earlier agreed to pay billions of dollars in compensation but now seeks to halt what it feels are unjustified claims.