BP has withdrawn its legal appeal against a range of payments made to compensate individuals and businesses affected by the 2010 Gulf of Mexico oil spill, reports PennEnergy.
In a 2012 settlement, BP was ordered to pay compensation expected to amount to $10b, but the oil company later argued that the claims administrator had made errors in calculating the damages and demanded a reduction in the amount.
Eventually, a court ordered a new method of calculation but ruled that injured parties would not have to return any of the money already paid out by BP.
On Friday, BP finally withdrew its appeal from a court in New Orleans, calling a halt to a legal process involving 790 businesses and hundreds of millions of dollars.
“Although we have a strong case for restitution, we opted to withdraw our appeal so that all the parties can better focus on winding down the claims program efficiently and expeditiously,” said Geoff Morrell, a BP spokesman.
BP reached an $18.7b agreement earlier this year with five Gulf Coast states that were affected by the 2010 disaster. The company faced a bill of around $14b for response and cleanup, as well as a $4.5b settlement after a criminal case with the US government.