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BP Oil Spill Settlement Reached

BP recently reached an estimated $7.8 billion settlement with private individual and business plaintiffs this month. Out of the settlement, the parties agreed to allocate $2.3 billion to claimants from the seafood industry. However this settlement is uncapped and only reflects BP’s estimate of the damages.

A court will actively monitor the process, ensuring that BP pays damages to all legitimate claims including compensation for economic loss and medical claims. However, mystery continues to surround the terms and conditions of the agreement, which is expected to be released mid-April. The court-monitored settlement appears to be replacing the Gulf Coast Claims Facility, which has already paid out an estimated $6 billion in compensation to approximately 221,000 claimants out-of-court.

Some plaintiffs’ lawyers suggest that this transparent approach will ensure that thousands of individuals receive compensation for their injuries. Even more significant, reports indicate that depending on the details of the agreement, thousands of new people across the Gulf Coast may become eligible to receive compensation and care for physical and mental health problems caused by the disaster.

If you or a loved one suffered an injury as a result of the BP Gulf Oil Spill, you may be entitled to compensation for your injury. For questions, contact Broussard & David at 888-337-2323 (toll free) or 337-23-2323 (local).

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