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Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

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Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'

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Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
Finance

BP must resume Deepwater Horizon compensation payments

By
Benjamin Snyder
Benjamin Snyder
Managing Editor
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By
Benjamin Snyder
Benjamin Snyder
Managing Editor
Down Arrow Button Icon
May 28, 2014, 7:12 PM ET

FORTUNE — It’s time for BP (BP) to begin paying damage claims four years after one of the biggest oil spills in U.S. history.

As the oil company seeks to appear before the U.S. Supreme Court over payments it disputes, BP must start doling out hundreds of millions for damage claims from the 2010 spill, the U.S. Court of Appeals in New Orleans ruled. The court rejected the request for a temporary halt on payments to businesses that BP believes would be unfairly included in the $9.2 billion sum, according to a Bloomberg report.

“We are pleased that the court has refused BP’s latest request to further delay claims payments,” wrote Steve Herman and Jim Roy, attorneys for the spill victims, in an email to Bloomberg.

MORE: China, Russia reach major natural gas deal

The payouts had been suspended since last June. By going to the Supreme Court, BP is using the last legal avenue possible to challenge the claims.

In a statement from BP released last Wednesday, the British oil company announced that it is seeking review of “decisions relating to the compensation of claims for losses with no apparent connection to the Deepwater Horizon spill.”

After the explosion sank a Deepwater drilling platform near Louisiana in 2010, 11 workers were killed and 16 others were injured. BP has since paid $12 billion in compensation, along with $14 billion for crisis response and costs associated with the cleanup, according to CNN.

About the Author
By Benjamin SnyderManaging Editor
LinkedIn iconTwitter icon

Benjamin Snyder is Fortune's managing editor, leading operations for the newsroom.

Prior to rejoining Fortune, he was a managing editor at Business Insider and has worked as an editor for Bloomberg, LinkedIn and CNBC, covering leadership stories, sports business, careers and business news. He started his career as a breaking news reporter at Fortune in 2014.

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