BP Announces Settlement for Gulf Oil Spill

BP, formerly known as British Petroleum, has reached a settlement for the thousands of lawsuits filed due to damages resulting from the 2010 oil spill in the Gulf of Mexico. According to CNN, BP reports that the settlement would meet most of the economic, property and medical damage claims leveled against the London-based oil behemoth. A federal judge still must approve the settlement, which is likely to total over $7.8 billion, including associated costs and expenses.

The spill caused significant damage to the surrounding environment, marine life, personal property, and fishing and tourism industries.

Over 100,000 individuals are party to the proposed BP settlement, which seek damages that stemmed from the extensive havoc wreaked to individuals, cities, businesses, and the environment when oil spilled unabated into the Gulf for three months. The spill started after an explosion on the BP-owned Macondo well that killed 11 people and injured 17 more. The spill caused significant damage to the surrounding environment, marine life, personal property, and fishing and tourism industries.

BP released a statement saying that ''This settlement demonstrates BP's continued progress in resolving significant issues related to the Deepwater Horizon accident,'' said BP Chief Executive Bob Dudley. "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."

The federal government and the Gulf States also have pending lawsuits against BP for damage wrought by the disaster. If your business or property suffered damage as a result of the BP oil spill, it’s not too late to make a claim for damages. To find out if you can recover compensation for your losses, contact a BP settlement attorney by filling out our free case review form on the right.