Federal Judge Approves BP Settlement over Oil Spill Damage (USA)

Federal Judge Approves BP Settlement of Oil Spill Damage

U.S. District Judge Carl Barbier in New Orleans, Friday, December 21, granted final approval for The Plaintiffs’ Steering Committe  settlement over loss and property damage claims stemming from the 2010 BP Deepwater Horizon accident, the largest offshore oil spill in U.S. history.

BP was pleased with the decision: “We believe the settlement, which avoids years of lengthy litigation, is good for the people, businesses and communities of the Gulf and is in the best interests of BP’s stakeholders.”

The settlement resolves most private plaintiffs’ claims against BP for economic loss and property damage related to oil spill. While BP’s conservative estimate of the value of the accord is $7.8 billion, there is no cap on the total payout under the settlement. 

 

Offshore Energy Today Staff, December 23, 2012

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