Judge clears BP's near-$8bn spill payment

2012-12-22 22:05
(Picture: AP)

(Picture: AP)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

kalahari.com

  • Renewable Energy
    New, thoroughly updated fourth edition of the authoritative field guide to the entire Renewable... Now R1,350.00
    buy now

Washington - British oil giant BP won approval from a US federal judge of a $7.8bn settlement with people and businesses who lost money and property due to the 2010 oil spill in the Gulf of Mexico.

Although the deal Friday addresses the bulk of private claims over the Deepwater Horizon oil rig and the oil spill that resulted from its explosion, it does not affect an anticipated tens of billions of dollars in fines and claims from the US government and impacted coastal states and local governments.

Nor does it resolve lawsuits filed by shareholders or others seeking compensation because of a drilling moratorium imposed after the worst environmental disaster in US history.

The incident also killed 11 workers.

US District Judge Carl Barbier gave his final approval to the settlement in a 125-page ruling. He had preliminarily approved the accord in May.

"None of the objections, whether filed on the objections docket or elsewhere, have shown the settlement to be anything other than fair, reasonable and adequate," Barbier wrote.

He said the settlement agreement "provides compensation to class members that appears sufficient" to cover their losses from the spill.

Both BP and the plaintiff's attorneys welcomed the approval of a deal that would settle nearly 100,000 claims from fishermen and others affected by the disaster.

BP said the decision resolved "the substantial majority of legitimate economic loss and property damage claims stemming from the Deepwater Horizon accident."

"We believe the settlement, which avoids years of lengthy litigation, is good for the people, businesses and communities of the Gulf and is in the best interests of BP's stakeholders," the company added.

Attorneys Steve Herman and Jim Roy, who represent the plaintiffs, also praised the deal, saying they were "extremely pleased."

"This settlement has - and will continue to - bring the people and businesses of the Gulf the relief they deserve," they wrote in a statement.

BP has said the settlement is not expected to result in any increase of the $37.2 billion charge it posted to cover the cost of the massive spill that blackened beaches in five US states and devastated the Gulf Coast's tourism and fishing industries.

It took 87 days to cap BP's runaway well 1 500m below the ocean surface off the coast of Louisiana as it spewed some 4.9 million barrels of oil into the Gulf of Mexico.

Barbier - an expert in maritime law charged with consolidating hundreds of spill-related lawsuits into the single case - has left the door open to some shared liability in key pre-trial rulings.

Several government probes have already castigated BP, rig operator Transocean and Halliburton - which was responsible for the well's faulty cement job - for cutting corners and missing crucial warning signs.

- SAPA
Read more on:    bp  |  us  |  uk  |  us oil slick
NEXT ON NEWS24X
SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
5 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
/Fashion
 

6 life hacks you simply have to know

A few simple tricks can make your life so much easier!

 
 

For chic geeks...

Device lets disabled people talk through their nose
It’s THIS easy for someone to steal your ATM pin!
This is why you should install iOS 8
17 photo illusions that look so real

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

Pre-order your iPhone 6 at kalahari.com

Hurry and pre-order your own iPhone 6 now at SA’s favourite online store!

Bargain box – 60% off

Reduced prices, very limited stock. While stocks last. Hurry and shop now!

Mind blow low prices on electronics

Get either the Prestigio multiphone or Proline tablet 7” tablet for only R699. Offers valid while stocks last. Shop now!

30% off Barbie toys

Save 30% on all Barbie toys and accessories. Offer valid while stocks last. Shop now!

Baby extravanganza month at kalahari.com

Celebrate baby month with a wide range of awesome baby products. Offers valid while stocks last. Shop now.

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Horoscopes
Aquarius
Aquarius

You may take extra pride in your work today. You have a need to shine and be respected so you may put the extra effort and TLC...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.