BP Oil Spill Settlement
Today BP agreed to an $18.7B settlement agreement regarding its role in the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. The settlement effectively ends all federal and state claims against the oil giant. Here is a breakdown of that $18.7B figure:
- $5.5B for violation of the Clean Water Act;
- $7.3B for damage to natural resources;
- $4.9B for state claims (LA, MS, AL, FLA);
- $1.0B in claims by local governments.
This outcome is the largest environmental law settlement in US history.
Benefits of the settlement include an end to the various federal and state cases that have been ongoing for the past five years. Those affected now have greater certainty regarding compensation, and large costal restoration projects can be budgeted.
However, this settlement, like those in any [Read More…]
