Skip to comments.BP settles Gulf spill suits, expects $7.8B payout
Posted on 03/03/2012 12:45:58 AM PST by blueplum
NEW ORLEANS -- BP agreed late Friday to settle lawsuits brought by more than 100,000 fishermen who lost work, cleanup workers who got sick and others who claimed harm from the oil giant's 2010 Gulf of Mexico disaster, the worst offshore oil spill in the nation's history.
The momentous settlement will have no cap to compensate the plaintiffs, though BP PLC estimated it would have to pay out about $7.8 billion, making it one of the largest class-action settlements ever.
-snip - Trial preparations produced a staggering 72 million pages of documents and included depositions of more than 300 witnesses. The trial also is designed to determine whether Transocean can limit what it pays those making claims under maritime law.
As a result of the settlement that will be filed with the court for approval, the trial that was scheduled to begin Monday has been postponed for a second time. No new date was immediately set.
Read more here: http://www.sacbee.com/2012/03/02/4307598/bp-plaintiffs-reach-gulf-oil-spill.html#storylink=cpy
(Excerpt) Read more at sacbee.com ...
BP, what a stupid company, give Obama another $8 Billion slush fund.
In other news, law firms associated with the BP settlement raked in $7.5 billion.
I was gonna guess that they got 1/3rd of the total, but these daze not much surprises me.
more here on FR -> BP lawsuit will be heard in Key West
A class-action lawsuit filed in federal court in the wake of the 2010 Deepwater Horizon oil spill in the Gulf of Mexico will be heard in Key West.
More than 300 people and businesses are named as plaintiffs in the lawsuit against British Petroleum. The plaintiffs are seeking a cut of the $20 billion the oil company set aside to cover damage claims related to the spill.
The 328 plaintiffs in the 69-page complaint filed on Feb. 25 include many Monroe County companies, including, but not limited to: Banner Tire Key West, the Greater Key West Chamber of Commerce, Happily Ever After Key West, Key West Extreme Adventures, Turtle Kraals, Upper Keys Artificial Reef Foundation, Suite Dreams Inn Key West, the Southernmost Hotel companies, the Spottswood Cos. and a host of Duval Street businesses listed only by their addresses.......................
A $7.8B payout- immediately passed on to consumers. BP won’t lose a penny, but we’ll pay at the pump.
amazing - I thought Florida surely reaped in the tourist dollars from vacationing people redirecting to Florida over the Gulf during that time.