BP, private plaintiffs settle over Gulf oil spill

[Eugene]

Source: Reuters

Wed Apr 18, 2012 11:17am EDT

(Reuters) - BP Plc (BP.L) said on Wednesday it reached definitive agreements with well over 100,000 private plaintiffs to resolve claims for economic, property and medical damages resulting from the 2010 Gulf of Mexico oil spill.

The London-based oil company said it still believes the cost of the settlement will be $7.8 billion, to be paid from a $20 billion trust it had previously set aside.

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According to settlement papers, about 109,000 condominium owners, hotel and resort operators, restaurateurs, shrimpers and others may be eligible to recover on economic and property claims. About 16,000 plaintiffs may recover for medical claims.

Lawyers for the plaintiffs may be awarded as much as $600 million to cover fees and costs. This sum is separate from any amounts paid to spill victims, settlement papers show.

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Read more: http://www.reuters.com/article/2012/04/18/us-bp-oilspill-idUSBRE83H0U120120418

[Occulus]

1. So that's settled, then.

http://www.dailykos.com/story/2012/04/18/1084285/--We-ve-Never-Seen-Anything-Like-This-Mutations-and-Deformities-in-Gulf-Seafood-Post-BP-Spill

[obxhead]

3. Yes

I'm sure BP is just tickled to be getting this finalized as quickly as possible.

Gotta beat those long term studies that will show how much they got away with.

[dipsydoodle]

2. So the main beneficiaries are the lawyers

.

[Nihil]

7. No change there then. (n/t)

[MindMover]

4. Interesting that this Judge extends deadline for BP oil spill accord

http://www.democraticunderground.com/101499333

[dipsydoodle]

8. Only by a couple a days

From memory BP had given a cut off point beyond which it would mean protracted court cases. It was the cut off point which was extended. As such BP were saying take it now or run the risk of waiting years for an outcome. I can only assume that the plaintiff's lawyers recommended settling now.

[Proletariatprincess]

5. sounds like chump change to BP

just today there is a story about the defects found in shrimp and fish in Gulf.
The only thing that would have satisfied me is to see BP made bankrupt by this settlement. The company deserves the business equivalent of capital punishment for the damage it has done. It has forfeit it's right to conduct business anywhere in the world. It has committed crimes against nature and humanity. Let more responsible and ethical companies absorb it's business. Isn't that the way capitalism is supposed to work?

[OnyxCollie]

6. K&R. nt