Today's News / Health

BP agrees to pay $7.8 billion settlement over Gulf accident, oil spill

March 5, 2012
KEYWORDS bp / claims / gulf / trust
/ Print / Reprints /
/ Text Size+

oil spillBP has announced a settlement with the Plaintiff's Steering Committee that it says will resolve a number of economic loss and medical claims awsuits stemming from the Deepwater Horizon accident and oil spill.

The $7.8 billion cost of the proposed settlement will be paid from a $20 billion trust the company has established. BP says the settlement includes $2.3 billion for economic loss claims related to the Gulf seafood industry.

The Trust was established to cover costs related to business claims, state and local government claims, state and local response costs and natural resource damages

"It is not possible at this time to determine whether the $20 billion Trust will be sufficient to satisfy all of these claims as well as those under the proposed settlement," according to a statement from BP. "Should the Trust not be sufficient, payments under the proposed settlement would be made by BP directly."

The settlement means that Gulf Coast residents who develop illnesses related to exposure will be able to apply to the fund for compensation -- but they'll have to prove that their health problems were caused by the oil or the chemical dispersants used in the clean-up.

Despite the agreement, the company remains a target for litigation, and may face billions in Department of Justice claims under the Clean Water Act and the Oil Pollution Act.

The settlement still has to be approved in federal court.

Did you enjoy this article? Click here to subscribe to ISHN.

You must login or register in order to post a comment.


Facebook logo Twitter YouTubeLinkedIn Google + icon



Image Galleries

ASSE Safety 2014 Review

A gallery of photos from the sprawling Orange County Convention Center in Orlando, where ASSE’s annual professional development conference was held June 8-11. All photos courtesy of the American Society of Safety Engineers.

9/30/14 2:00 pm EST

Leveraging Sustainability Initiatives to Benefit Your Community and Increase Compliance

This webinar will review how General Motors' Sustainability initiatives are being leveraged to improve the community and the environment, create efficient energy programs, improve sustainability tracking, impact on processes and overall reporting and improve overall social, environmental and corporate sustainability.

ISHN Magazine


2014 September

ISHN'S September issue features a series of essay on thought leadership. Get expert advice on self-motivation, compliance and more!

Table Of Contents Subscribe


M:\General Shared\__AEC Store Katie Z\AEC Store\Images\ISHN\safetyfourth.jpg
Safety Engineering, 4th Edition

A practical, solutions-driven reference, Safety Engineering, 4th edition, has been completely revised and updated to reflect many of today’s issues in safety.

More Products

For Distributors Only - SEPTEMBER 2014

ISHN FDO SEPTEMBER 2014For Distributors Only is ISHN's niche brand standard-sized magazine supplement aimed at an audience of 2,000 U.S. distributors that sell safety products. Circulation only goes to distributors. CHECK OUT THE SEPTEMBER 2014 ISSUE OF FDO HERE

ishn infographics

2012 US workplace deathsCheck out ISHN's new Infographic page! Learn more about worker safety through these interactive images. CLICK HERE to view the page.