BP Loses 2 Big Gulf Oil Spill Rulings

BP has lost two big rulings in its fight to shield itself from potentially having to pay billions of dollars more in damages related to the worst offshore oil spill in U.S. history.

A federal judge ruled Tuesday that BP PLC is not entitled to coverage under insurance policies totaling $750 million held by Transocean Ltd., owner of the Deepwater Horizon rig that BP was leasing at the time of last year's Gulf of Mexico disaster.

The same judge ruled Monday that Alabama and Louisiana can pursue punitive damages against BP and other companies.

A civil trial over hundreds of spill lawsuits is scheduled for February to assign shares of fault to the companies involved and determine whether Transocean can limit what it pays those making claims under maritime law.