Disputing oil spill settlement, BP asks for rehearing

BP hasasked the full 5th U.S. Circuit Court of Appeals to review a ruling that uphelda judge's approval of a multibillion-dollar settlement for compensating victimsof the company's 2010 oil spill in the Gulf of Mexico.

In acourt filing Tuesday, BP argues that a divided three-judge panel from the 5thCircuit erred earlier this month when it affirmed U.S. District Judge CarlBarbier's December 2012 approval of the company's settlement with a team ofprivate plaintiffs' lawyers.

BP arguesthat the panel's majority decision will force the company to pay hundreds ofmillions of dollars to businesses that weren't harmed by the massive spill.

Plaintiffs' lawyers havesaid BP simply undervalued the settlement and underestimated how many claimantswould be eligible for payments.