BP To Pay $7.8 Billion To Settle Gulf Oil Spill Lawsuit
March 3, 2012 by staff
BP To Pay $7.8 Billion To Settle Gulf Oil Spill Lawsuit, BP’s settlement of lawsuits filed by more than 100,000 victims of the worst offshore oil spill in U.S. history goes a long way toward resolving pending claims. But the question remains, will Americans who live along the Gulf of Mexico go for it?
BP expects to pay out $7.8 billion and anticipates that a separate claims fund run by Ken Feinberg will cease at some point.
New vehicles will be set up and supervised by the court to pay claims as part of Friday’s settlement.
People waiting for money from Feinberg’s Gulf Coast Claims Facility can take what the settlement vehicles offer them or opt out and make a claim directly to a BP-run entity. If they don’t like what they get from that entity, they can sue.
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