Settlement Agreement In Deepwater Horizon Oil Spill Approved
May 9, 2012
Families of victims of the Transocean Oil Spill that occurred in the Gulf of Mexico two years ago may be one step closer to being compensated. Bloomberg News reports that a U.S. District Court judge recently approved a tentative settlement of $7.8 billion between the company responsible for the spill, British Petroleum (BP), and lawyers for the victims.
The agreement will break the settlement into two separate entities for economic losses and physical injuries; however, the agreement is not set in stone. It must first go through two separate trials, one on fairness that’s scheduled to occur in early November and another that will cover liability, which was recently added to the court docket for mid-January of next year.
The agreement will only cover the private lawsuits and claims that have been made against the company and will not cover the federal and state claims that have been made by Louisiana and Alabama. It also won’t allow those who aren’t content with the settlement to pursue lawsuits against BP. The funds for the settlement will come from a $20 billion trust fund set aside by the oil company to compensate those who were affected by the spill.
The Deepwater Horizon Oil Spill devastated thousands of lives across the gulf region. That’s why the New Orleans Personal Injury Lawyers with Dudley DeBosier Injury Lawyers would advise anyone who suffered because of the spill to speak with an experienced attorney.
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