BP drops effort to retrieve Gulf oil spill payouts

Energy giant BP is ending its effort to recoup money it paid in economic damage claims to businesses and individuals under a settlement arising from the 2010 Gulf of Mexico oil spill. On Friday, the company filed a motion to withdraw an appeal over what it said were overpayments worth hundreds of millions of dollars and involving more than 790 businesses. After a 2012 settlement with businesses and individuals was approved, BP argued that the claims administrator had not been correctly matching business' revenues and expenses, resulting in overpayments.