"BP and the private plaintiffs in the massive Gulf oil spill litigation have reached a settlement that BP estimates will cost $7.8 billion. But that is an uncapped amount, an the court still must supervise the payment of damages. U.S. District Judge Carl Barbier also issued an order delaying the trial for a second time in light of the settlement."
"In a statement released late Friday, BP said its settlement with private individual and business claimants includes $2.3 billion specifically for Gulf seafood industry claimants.
An uncapped settlement means a new claims administrator, similar to Kenneth Feinberg who handled claims out of court for the last year and a half, will have to determine payments. But BP put out a statement that emphasized the certainty of the payment amount and that it would not exceed what BP has long reported it had set aside to pay such claims."
David Hammer reports for the New Orleans Times-Picayune March 3, 2012.
SEE ALSO:
"BP Spill Settlement Promises Fast Payouts" (New Orleans Times-Picayune)
"BP Spill Settlement Clears Way for Comeback" (AP)
"BP Begins To Put Spill Behind It With Settlement" (AP)
"Deepwater Oil Drilling Picks Up Again as BP Disaster Fades" (New York Times)
"BP Oil Spill: Louisiana Ruin Remains" (BBC News)
"BP Deal Opens a New Phase, but Case Is Far From Closed" (New York Times)
"BP's $7.8 Billion Deal May Speed Payments For U.S. Spill" (Reuters)
"BP Settlement Leaves Most Complex Claims Unresolved" (ProPublica)
"With BP Oil Spill Billions at Stake, Why Did Gulf Fishermen Suddenly Settle?" (Christian Science Monitor)
"BP Payoff a Milestone in Bid To Shed Oil Spill Legacy" (McClatchy/Deutsche Presse-Agentur)
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