BP Exploration & Production, Inc. v. Claimant ID 100094497, No. 17-30949 (5th Cir. 2018)Annotate this Case
BP sought discretionary review of an Appeal Panel's calculation of lost profits owed to appellee under the Deepwater Horizon Economic and Property Damages Class Action Settlement Agreement. The Fifth Circuit vacated the district court's denial of the request, holding that the Appeal Panels were split and this Appeal Panel misapplied the distinction between fixed and variable costs under the Business Economic Loss Formula. Therefore, the district court abused its discretion in failing to correct the significant error. The court remanded for further proceedings.