US Judge OKs $20B Set­tle­ment From 2010 BP Oil Spill

The Economic Times - - Around The World -

New Or­leans: A fed­eral judge in New Or­leans granted fi­nal ap­proval to an es­ti­mated USD 20 bil­lion set­tle­ment over the 2010 BP oil spill in the Gulf of Mex­ico, re­solv­ing years of lit­i­ga­tion over the worst off­shore spill in the na­tion’s his­tory. The set­tle­ment, first an­nounced in July, in­cludes USD 5.5 bil­lion in civil Clean Wa­ter Act penal­ties and bil­lions more to cover en­vi­ron­men­tal dam­age and other claims by the five Gulf states and lo­cal gov­ern­ments. The money is to be paid out over roughly 16 years. The US Jus­tice Depart­ment has es­ti­mated that the set­tle­ment will cost the oil giant as much as USD 20.8 bil­lion, the largest en­vi­ron­men­tal set­tle­ment in US his­tory as well as the largest-ever civil set­tle­ment with a sin­gle en­tity. AP

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