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Fri Mar 2, 2012, 10:23 PM

BP, Plaintiffs Reach Gulf Oil Spill Settlement (Multiple Billions)

Source: Business Insider / AP

Mar 2, 10:18 PM EST

BP, plaintiffs reach Gulf oil spill settlement

By MICHAEL KUNZELMAN and HARRY R. WEBER
Associated Press

NEW ORLEANS (AP) -- BP and a committee representing plaintiffs suing over the 2010 Gulf oil spill have reached an agreement, a federal judge said late Friday night.

As a result of the agreement that will be filed with the court for approval, the trial that was scheduled to begin Monday has been postponed for a second time, Judge Carl Barbier said.

No new date was immediately set.

The settlement will likely result in a realignment of the parties in this litigation and require substantial changes to the current trial plan, Barbier said. He didn't elaborate, and there was no mention in his order of anything about the status of BP's talks with the federal government and other parties.

Read more: http://www.businessinsider.com/bp-gulf-oil-spill-settlement-2012-3

3 replies, 2126 views

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Reply BP, Plaintiffs Reach Gulf Oil Spill Settlement (Multiple Billions) (Original post)
Hissyspit Mar 2012 OP
PDJane Mar 2012 #1
dipsydoodle Mar 2012 #2
dixiegrrrrl Mar 2012 #3

Response to Hissyspit (Original post)

Fri Mar 2, 2012, 11:26 PM

1. It's not enough. There isn't enough cash in the world for that.

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Response to Hissyspit (Original post)

Sat Mar 3, 2012, 04:57 AM

2. Estimated to be $8 billion

BP has agreed a settlement with more than 100,000 fishermen and cleanup workers from the oil giant's 2010 Gulf of Mexico disaster, the worst offshore oil spill in American history.

The massive settlement has no limit on the compensation, although BP estimates it will have to pay out about $7.8 billion, making it one of the largest class-action suits ever.

The agreement has yet to be filed in court for approval, so the trial that was scheduled to begin this Monday has been postponed for a second time. No new date was set.

Read more: http://www.dailymail.co.uk/news/article-2109621/BP-reaches-settlement-plaintiffs-Gulf-oil-spill.html#ixzz1o2vyzKUE

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It said the proposed settlement was not an admission of liability and that BP would assign to the plaintiffs some of its claims against Transocean and Halliburton.

OTHER CLAIMS PENDING

Apart from BP, which owned 65 percent of the Macondo well, the main corporate defendants are Switzerland-based Transocean Ltd (RIGN.VX), which owned the Deepwater Horizon, and Houston-based Halliburton Co (HAL.N), which provided cementing services for the well. They are also suing each other. Several other companies are involved in the trial.

http://uk.reuters.com/article/2012/03/03/uk-bp-trial-idUKTRE82205W20120303

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Response to dipsydoodle (Reply #2)

Sat Mar 3, 2012, 10:53 AM

3. Thank you for that additional info, dipsy....

I sure would want BP to be under court control until they actually pay the money.
They have wriggled out of the settlement payments for the most part, to date.

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