BP reaches massive settlement

[babylonsister]

Accord Reached Settling Lawsuit Over BP Oil Spill

By JOHN SCHWARTZ
Published: March 2, 2012


BP and the lawyers for plaintiffs in the trial over the 2010 oil spill in the Gulf of Mexico have agreed to settle their case.


Judge Carl J. Barbier of Federal District Court in New Orleans issued an order late Friday night stating that the two sides “have reached an agreement on the terms of a proposed class settlement which will be submitted to the court,” and announcing that the first phase of the trial, scheduled to begin on Monday, is adjourned indefinitely while the next steps are worked out.

BP issued a statement from the company’s chief executive, Robert Dudley, saying, “The proposed settlement represents significant progress toward resolving issues from the Deepwater Horizon accident and contributing further to economic and environmental restoration efforts along the Gulf Coast.” The company estimated that paying the claims would cost $7.8 billion — but it did not state that the estimate represented an upper limit on what it would pay. It said it had already paid out more than $8 billion to claimants, and had spent some $14 billion in responding to the spill.

The two lawyers who led the plaintiffs’ steering committee, Stephen J. Herman and James P. Roy, said, “This settlement will provide a full measure of compensation to hundreds of thousands — in a transparent and expeditious manner under rigorous judicial oversight.”

The plaintiffs’ group that reached the agreement with the company represents businesses and individuals affected by the spill.

The agreement does not include the biggest plaintiff in the BP case: the federal government. Nor does it include the state and local governments along the coast, which are also suing. The federal government stands to recover billions of dollars in environmental fines, but the extent to which the Justice Department is involved in negotiations with BP is unclear.

more...

http://www.nytimes.com/2012/03/03/us/accord-reached-settling-lawsuit-over-bp-oil-spill.html?_r=1

[ProSense]

1. Another report:

BP reaches $7.8 billion deal over Gulf of Mexico spill

NEW YORK, March 2 (Reuters) - BP Plc has reached an estimated $7.8 billion deal with businesses suing over the massive 2010 Gulf of Mexico oil spill, the company said on Friday, but the oil giant still faces claims by the U.S. government, Gulf states and drilling partners.

U.S. District Judge Carl Barbier, in an order made three days before the case had been due to go to trial, said the proposed terms of the class settlement would be submitted to court for approval.

He had already delayed the start of the trial to allow the Plaintiffs' Steering Committee, representing fisherman and businesses whose livelihoods they said were damaged by the explosion of the Deepwater Horizon rig and massive oil spill from the Macondo well, to negotiate.

Lawyers for the committee, Stephen Herman and James Roy, said the settlement would compensate hundreds of thousands of victims.

- more -

http://newsandinsight.thomsonreuters.com/Legal/News/2012/03_-_March/BP_reaches_$7_8_billion_deal_over_Gulf_of_Mexico_spill/