BP, PSC resolve claims deepwater horizon accident oil spill

BP, PSC to resolve claims of deepwater horizon accident and oil spill

9:23 AM, 19th April 2012
BP, PSC to resolve claims of deepwater horizon accident and oil spill
Bob Dudley, CEO, BP.

LONDON, UK: BP has reached definitive and fully documented agreements with the Plaintiffs’ Steering Committee (PSC) to resolve the substantial majority of eligible private economic loss and medical claims stemming from the Deepwater Horizon accident and oil spill. The parties have filed for preliminary court approval of the two settlement agreements, one resolving economic loss and property damage claims and the other resolving medical claims.

BP and the PSC believe that the settlement agreements are a fair, reasonable and adequate resolution of the claims. As part of the motions seeking preliminary approval, the parties have asked the court to approve proposed plans to notify class members of their rights under the settlement agreements and schedule fairness hearings. Once these hearings have taken place, the court will decide whether to give final approval to each settlement agreement. BP estimates that the cost of the settlement will be approximately $7.8 billion, including administration costs and plaintiffs’ attorneys’ fees and expenses, and is expected to be paid from the $20 billion Trust.

“This settlement demonstrates BP’s continued progress in resolving significant issues related to the Deepwater Horizon accident. BP made a commitment to help economic and environmental restoration efforts in the Gulf Coast, and this settlement provides the framework for us to continue delivering on that promise, offering those affected full and fair compensation, without waiting for the outcome of a lengthy trial process,” said Bob Dudley, CEO, BP.

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