Settlement reached by BP for Gulf of Mexico oil spill | WPN World People News

Two years after the Gulf of Mexico oil spill, one of the worst in history, BP reached settlements to resolve billions of dollars of claims and pleaded for a long delay in any trial over remaining disputes arising from the disaster.

The London-based oil company expects to pay $7.8 billion to resolve economic, property and medical claims by more than 100,000 individuals and businesses, Reuters reported.

The payout would be one of the largest class-action settlements in U.S. history.

"Neither side will receive everything it wants," but the settlements are "more than fair, reasonable and adequate" BP and plaintiffs' lawyers said in papers filed in New Orleans federal court.

An explosion of the Deepwater Horizon drilling rig killed 11 workers and triggered the largest U.S. offshore oil spill from BP's ruptured Macondo well. Around 4.1 million barrels of oil were spilled and not cleaned up, the U.S. government has estimated.

Stephen Herman and James Roy, lawyers representing the plaintiffs, said the settlement holds BP "fully accountable".

BP still faces billions of dollars of potential claims from the U.S. government; Gulf states; and drilling partners Transocean Ltd, which owned the rig, and Halliburton Co, which provided cementing services.

The oil company's liability for violating the federal Clean Water Act alone could go as high as $17.6 billion upon a finding of gross negligence. BP has already taken a $37.2 billion charge for the spill, reported Reuters.

Meanwhile, researchers have said that fish in the waters of the Gulf of Mexico are showing signs of diseases tied to petroleum and other pollutants.

Source:North America News.Net