States Finalize BP Settlement

Tuesday, October 6, 2015

 

The Justice Department and five states have finalized a multi-billion dollar settlement arising from the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. The deal announced today resolves all civil claims against BP and ends five years of legal fighting over the nearly 134 million-gallon spill. The settlement finalizes an agreement first announced in July. Among other requirements, BP will be forced to pay billions of dollars to five Gulf states: Alabama, Florida, Louisiana, Mississippi and Texas. The spill followed the April 2010 explosion on an offshore rig that killed 11 workers. BP earlier settled with people and businesses harmed by the spill, a deal that's so far resulted in $5.84 billion in payouts.Attorney General Luther Strange announces the details of Alabama’s settlement with BP regarding damages from the 2010 Gulf oil spill. The Gulf States and BP jointly filed a separate document containing the details of their finalized settlement of claims for economic damages. Under this settlement, BP will pay Alabama $1 billion with $950 million paid by BP to the Alabama General Fund - $50 million in each of the years 2016 through 2018, and more than $50 million in each of the years 2019 through 2033. He also announced $50 million paid by BP to the Alabama Gulf State Park Project. The district court also entered a separate order dictating that BP make a one-time payment of legal fees for public and private attorneys who represented the five Gulf States and their Governors. Under the order, the Alabama Attorney General’s Office will receive $10 million directly from BP.

 

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