Judge asked to sign off on BP oil spill settlement.

19 Apr 2012

Per today’s Huffington Post, BP and lawyers representing more than 100,000 individuals and businesses have presented a federal judge with the details of a proposed class-action settlement intended to resolve billions of dollars in economic damage claims arising out the 2010 oil spill in the Gulf.  According to the article, BP (which earned more than $25 billion in profits in 2011) estimates it will pay about $7.8 billion to resolve private party claims; although, the settlement supposedly doesn’t have a cap and it also doesn’t resolve separate claims against BP by the federal government and Gulf states (which could yield penalties and fines totaling as much as $60 billion).

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