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What options did bp have

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Question - Business Economic Loss (BEL) claims (as part of the MDL class settlement) were starting to deviate from expectations in the 4th quarter of 2012, and the deviation worsened in January 2013. BEL claims had already been provided for as part of the $7.8 billion liability as of 4th quarter 2011, but the provision was increasingly looking insufficient. What options did BP have as of 4th quarter 2012 with regards to the recognized liability? How could BP justify derecognizing a provision for BEL claims it had not extinguished?

Reference no: EM133168843

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