BP Oil Spill Settlement Proposal Would Resolve Billions In Claims

NEW ORLEANS (AP) — A federal judge in New Orleans is set to preside over a hearing on a proposed class-action settlement that would resolve billions of dollars in claims against BP over the 2010 oil spill in the Gulf of Mexico.

BP PLC and a team of plaintiffs' attorneys are seeking U.S. District Judge Carl Barbier's preliminary approval of the settlement agreement, which is designed to resolve more than 100,000 claims by people and businesses who blame the spill for economic losses. Barbier is scheduled to hear their request Wednesday.

BP estimates it will pay about $7.8 billion (€5.93 billion) to resolve these claims, but the settlement doesn't have a cap.

The deal was announced March 2, but its details are spelled out in hundreds of pages of documents filed last week.

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Comments

[happenedtome2]

08:02 AM on 05/21/2012

BP Is not keeping their promises to the people of the Gulf.

BP told us they would not deduct VoO earnings if we agreed to use our boats and work for them doing cleanup.... ED THOMPSON BP Crisis manager said this would not affect our claims and that they would train us to boom and clean up oil...

Then BP's attorney A. T. Chenault confirmed it in a letter. "Lastly we confirm that BP will not offset payments to vessels owners or other volunteers against claims they might have..."

Thomas Perrilli Asst. Attorney General from the Department of Justice wrote also.

The draft final protocol could be more clear, as you have previously acknowledged, that individuals who participated in the Vessels of Opportunity program when BP pledged not to use those VOO payments as offsets will not see those payments offset.

Why didn't the PSC make BP stick to their written agreement... This I will never, never understand.

Now in the new settlement...all charter boats that have not settled will have to offset "Pay Back" 33% Of their voo earnings against our claim along with 50% of the VoO settlement..

Yet ...Recreational boats are exempt from this offset along with all Commercial fisherman. .

BP needs to do the right thing...the honorable thing and reverse this deduction.