Monday, February 27, 2012

Possible Settlement in BP Litigation

Bloomberg Business Week is reporting that British Petroleum and lawyers for businesses and individuals suing over the 2010 Gulf of Mexico oil spill are near a $14 billion accord to be funded with money set aside for out-of-court settlements.  BP would close its $20 billion Gulf Coast Claims Facility and shift the remaining $14 billion to plaintiffs hurt by the disaster, the largest offshore spill in U.S. history, according to people involved in the ongoing negotiations. Such a deal wouldn’t include fines by the federal government that could reach $17.6 billion, lawsuits by state governments or claims between BP and partner companies involved in the disaster.

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