The US Supreme Court on Monday denied shareholders of BP a request to revive their class action against the Britain-based oil supermajor relating to the loss in share value caused by the Deepwater Horizon disaster, according to Reuters.
The shareholders’ contention was that BP misrepresented its safety procedures before the April 2010 catastrophe which saw a fatal explosion on the Deepwater Horizon rig in the Gulf of Mexico.
The blast killed 11 people and was followed by the worst offshore oil spill in US history as it took 87 days to staunch the gush of oil from the uncapped well.
Monday’s ruling left in place a ruling from last September by the 5th US Circuit Court of Appeals in New Orleans that refused to certify the suit.
BP has already paid out $55bn in liabilities over the disaster, including $18.7bn in settlements with government bodies.