Jul 8, 2013 4:18 AM by AP (Photo courtesy MGN Online)
A federal appeals court is set to hear BP's bid to challenge what could be billions of dollars in settlement payouts to businesses claiming they lost money after the company's 2010 oil spill in the Gulf of Mexico.
Lawyers for BP and Gulf Coast businesses and residents are scheduled to argue the case Monday before a three-judge panel of the 5th U.S. Circuit Court of Appeals.
BP wants the panel to overturn rulings by U.S. District Judge Carl Barbier, who upheld a court-appointed claims administrator's interpretation of the settlement
BP claims the administrator has allowed thousands of businesses to secure hundreds of millions of dollars in payments for inflated and fictitious losses.
Plaintiffs' lawyers counter that BP undervalued the settlement and underestimated how many claimants would qualify for payments.