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IPFS News Link • Environment

BP, Plaintiffs Reach Deal In Gulf Oil Spill Case

• by The Associated Press

BP PLC has agreed to settle lawsuits from thousands of fishermen who lost work and others who claimed they were harmed by the oil giant's 2010 Gulf of Mexico disaster, in the worst offshore oil spill in U.S. history.

The oil giant said Friday it expects to pay out at least $7.8 billion as part of the settlement. It says it expects the money to come from the $20 billion compensation fund that it previously set out.

BP still has to resolve claims by the U.S. government, Gulf states and its partners.

As a result of the agreement that will be filed with the court for approval, the trial that was scheduled to begin Monday has been postponed for a second time, Judge Carl Barbier said.

No new date was immediately set. There also was mention in his order of anything about the status of BP's talks and the federal government, involved states or individual plaintiffs not represented by the committee.

The judge said the settlement will require substantial changes to the current trial plan but he didn't elaborate.