BP Settles Gulf Coast Oil Spill LawsuitMarch 5, 2012
According to reports from various news agencies, BP and the plaintiffs involved in the Gulf oil spill lawsuit have reached an agreement. Sources close to BP say that the company estimates it will have to pay about $7.8 billion in the Deepwater Horizon settlement. According to the CEO for BP, "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." Reportedly, attorneys representing Plaintiffs in the case have said the settlement will fully compensate the hundreds of thousands of victims of the oil spill tragedy. Moreover, Plaintiffs' attorneys say the settlement is to be fully funded by BP, with no cap on the amount BP will pay. The three-month-long spill, the largest oil spill in U.S. history, was triggered after an explosion aboard the Deepwater Horizon oil rig on April 20, 2010. Eleven people were killed in the blast.