Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

Rwandan singer amongst terror plot suspects

Read more

DEBATE

What's Putin's Plan? Kiev Accuses Russia of Terrorism

Read more

FOCUS

Campaigning against Bouteflika's re-election... in France

Read more

WEB NEWS

Chile: Online mobilization to help Valparaiso fire victims

Read more

ENCORE!

Art, sex, money, memory and manga

Read more

MIDDLE EAST MATTERS

Spat over Iran's UN ambassador hampers thawing relations with US

Read more

FOCUS

China trade deal: Is Taiwan's identity under threat?

Read more

IN THE PAPERS

'Call it a caretaker government'

Read more

DEBATE

Nigeria's Battles

Read more

  • Frantic search for South Korea ferry passengers continues

    Read more

  • Kiev powerless as pro-Russia activists seize armoured vehicles

    Read more

  • Algeria heads to the polls: ‘this election has nothing to do with us’

    Read more

  • Man executed in Texas for triple murder

    Read more

  • Scandal-hit French doctor Jacques Servier dies

    Read more

  • Belgian head of wildlife reserve shot in eastern Congo

    Read more

  • Stagehand of God? Maradona's legendary goal inspires a play

    Read more

  • US rolls out red carpet for French critic of capitalism

    Read more

  • N. Korea not amused by London hair salon's Kim Jong-un ad

    Read more

  • Real Madrid beat old foes Barcelona to lift Copa del Rey

    Read more

  • France's new PM targets welfare in drive to cut spending

    Read more

  • Campaigning against Bouteflika's re-election... in France

    Read more

  • Brazil club Mineiro cancel Anelka signing after no-show

    Read more

  • Syria 'torture' photos silence UN Security Council members

    Read more

  • Paris laboratory loses deadly SARS virus samples

    Read more

  • More than 100 schoolgirls kidnapped in northeast Nigeria

    Read more

  • New York police disband unit targeting Muslims

    Read more

  • 'Miracle girl' healthy after seven-organ transplant in Paris

    Read more

  • Paris police memo calling for Roma eviction ‘rectified’

    Read more

  • Burgundy digs into France's bureaucratic 'mille-feuille'

    Read more

  • French court drops ‘hate speech’ case against Bob Dylan

    Read more

  • Algeria rights crackdown slammed ahead of election

    Read more

  • Iraq closes notorious Abu Ghraib jail over security fears

    Read more

  • In ‘Tom at the Farm’, Xavier Dolan blends Hitchcock and homoeroticism

    Read more

Americas

BP reaches $7.8 billion settlement over oil spill

©

Text by News Wires

Latest update : 2012-03-03

Oil giant BP said on Friday it had reached an estimated $7.8 billion settlement with plaintiffs suing over the disastrous 2010 Gulf of Mexico oil spill. The company still faces US government claims which could cost it billions of dollars in fines.

REUTERS - BP PLC has reached an estimated $7.8 billion agreement with plaintiffs suing over the massive 2010 Gulf of Mexico oil spill, the company said on Friday, but it still faces claims by the U.S. government and drilling partners.

U.S. District Judge Carl Barbier, who is overseeing the litigation, said in a court order that the proposed terms of the class settlement would be submitted to the court for approval.
 
He also adjourned the first phase of the trial over the spill, which had been scheduled to begin on March 5.
 
Barbier had previously delayed the start of the trial to allow a group called the Plaintiffs’ Steering Committee, or PSC, to continue to negotiate a settlement with BP.
 
The committee represents the interests of fisherman and businesses who say their livelihoods were damaged by the April 20, 2010, explosion of the Deepwater Horizon drilling rig and subsequent spill from the Macondo well.
 
BP said the cost of the proposed settlement would be around $7.8 billion, including a BP commitment of $2.3 billion to help resolve loss claims related to the Gulf seafood industry.
 
It said the proposed settlement was not an admission of liability by the company, and that BP would assign to the PSC some of its claims against Transocean and Halliburton.
 
Apart from BP, which owned 65 percent of the Macondo well, the main corporate defendants are Switzerland-based Transocean Ltd, which owned the Deepwater Horizon, and Houston-based Halliburton Co, which provided cementing services for the well. They are also suing each other. Several other companies are also involved in the trial.

Other claims pending
 
Eleven people were killed and 4.9 million barrels of oil spewed from the mile-deep well in by far the worst offshore U.S.  oil spill.
 
A settlement would remove a significant portion of the complex case, but it would not put an end to BP’s exposure.
 
The oil giant still faces claims by the U.S. government, which is pursuing violations of the Clean Water Act and other laws, which could result in fines totaling billions of dollars.
 
Earlier this week, U.S. Attorney General Eric Holder told lawmakers that the Justice Department was prepared to go to trial.
 
BP also faces claims from Gulf states as well as its drilling partners.
 
The U.S. Justice Department said it hoped the settlement would result in swift compensation to those harmed.
 
Spokesman Wyn Hornbuckle said the department was prepared to go to trial to hold the responsible parties accountable for outstanding federal claims for the damage suffered.
 
“The United States will continue to work closely with all five Gulf states to ensure that any resolution of the federal law enforcement and damage claims, including natural resources damages, arising out of this unprecedented environmental disaster is just, fair and restores the Gulf for the benefit of the people of the Gulf states,” he said.
 
David Uhlmann, a University of Michigan law professor and former chief of the Justice Department’s environmental crimes section, said the settlement was good news for the victims of the Gulf oil spill “who will see their losses compensated much more quickly than the victims of the Exxon Valdez oil spill”.
 
“It also paves the way for BP to negotiate agreements with the federal and state governments and begin the process of moving beyond the Gulf oil spill,” he said.
 

 

Date created : 2012-03-03

  • USA

    BP sues Gulf rig operator for $40bn over oil spill

    Read more

  • USA

    US marks one year anniversary of Gulf oil spill

    Read more

  • USA

    BP oil spill report calls for new agency to oversee 'all aspects' of offshore drilling

    Read more

Comments

COMMENT(S)