US Court of Appeals for the Fifth Circuit Opinions
Claimant ID 100081155 v. BP Exploration & Production, Inc.
Opinion Date: April 9, 2019
Judge: Jennifer Walker Elrod
Areas of Law: Business Law, Energy, Oil & Gas Law
After JME filed five claims for compensation with the Settlement Program, the Settlement Program determined that JME was a "failed business" under the meaning of the Settlement Agreement and calculated JME's compensation according to the Failed Business Economic Loss framework. The district court then granted discretionary review and agreed that JME was a failed business under the Settlement Agreement. Applying de novo review, the Fifth Circuit vacated and remanded, holding that the district court misinterpreted the Settlement Agreement's first and third definition of a "failed business" and erroneously concluded that the Settlement Program correctly classified JME as a failed business because JME ceased operations and wound down, or otherwise initiated or completed a liquidation of substantially all of its assets.
Louisiana Law Blog
Louisiana Law, News, Issues and Comments from Attorneys at the Shoultz Law Firm