An ocean of motions: Attorneys for BP told a federal appeals court today that the company should be able to seek restitution of some of the money it paid in economic damage claims to businesses and individuals under a settlement arising from the 2010 Gulf of Mexico oil spill. The Associated Press reports after the 2012 settlement was approved, BP argued that the claims administrator had not been correctly matching business’ revenues and expenses, resulting in overpayments. A court eventually ordered a new calculation method but refused to order restitution of payments already made. The company wants restitution of some of the money paid out prior to October 2013. Read the full story.
Sitting this one out: A New Orleans state senator is the latest lawmaker to announce he won’t seek re-election this fall, The Associated Press reports. Sen. David Heitmeier, an optometrist, announced today that he won’t be on the Oct. 24 ballot, saying he wants to spend more time with his eye care practice and his patients. Heitmeier, a Democrat, is in his second term representing District 7. He serves as chairman of the Senate health care committee, where he helped the state draw down millions more each year in federal financing for health care services. His brother was a state senator before him. Heitmeier’s the fourth member of the 39-member Senate to announce he won’t run to keep his seat. Seven other senators are term-limited and can’t seek re-election.
Interested in an IPO: The company that wants to build a three-wheeled vehicle in Shreveport says it has asked federal regulators to authorize a $25 million stock offering based on crowdfunding interest. Elio Motors Inc. says on its blog that it got non-binding expressions of interest totaling $32 million at StartEngine.com. It says that if the Securities and Exchange Commission OKs a stock offering, people who signed up at StartEngine will get the first chance to buy. The Phoenix-based company says it could take months to learn whether it has SEC authorization. KSLA-TV reports that the $25 million would be used to make prototype vehicles in Detroit, with production possibly starting at the end of 2016. Elio said in 2013 that it expected to have 1,500 employees in Shreveport by the end of 2015. Read the full story.
