$7.8 Billion Settlement Approved In BP of Mexico Oil Spill Class Action Lawsuit
by admin
We all remember the B.P. oil spill, don’t we? The devastating explosion that spewed 200 million gallons of oil into the Gulf of Mexico on April, 2010; the 11 lost lives of rig workers; the catastrophic damage to the environment; the closing of the Gulf for months to follow. Much of this devastation is still being felt today. But there has been a settlement against BP PLC – a $7.8 billion settlement. And it was approved by a federal judge amongst the chaos that brought endless claims (over 100,000) from businesses and individuals who suffered dearly from the massive spill. US District Judge Carl Barbier approved a settlement that has no cap, meaning it could end up being more than the estimated $7.8 billion. There is a minimum of $2.3 billion put aside for commercial fishing vessel owners, captains, and deckhands for the damage to seafood population that they depend on of revenues. Judge Barbier has stated that the lawyer will not be taken out of the settlement money, and that BP will pay them separately. Unresolved environmental damage claims are still at large and will be worked out in the near future. Also involved in the claims are Deepwater Horizon, the drilling rig company, Transocean Ltd, and cement contractor Halliburton.