Photo by Ideum – ideas + media New Orleans, LA — The federal judge overseeing the multidistrict litigation (MDL) over the Deepwater Horizon disaster gave final approval to a pair of settlements Wednesday, committing Transocean Ltd and Halliburton Energy Services Inc. to pay a total of $1.24 billion.
In his order , U.S. District Judge Carl J. Barbier for the U.S. District of Eastern Louisiana declared the deals to be “fair, reasonable, and adequate.” These settlements will pay about $903 million to a new, punitive damages class. Just over $338 million will go to an assigned claims class.
Judge Barbier decided […]
View Original: Deepwater Horizon Judge Approves $1.2 Billion Settlements
The Deepwater Horizon oil spill has surpassed the size of the 1969 Santa Barbara spill and the Exxon Valdez. Here are some other historical spills. BP has agreed to plead guilty to 14 criminal counts, including manslaughter, and will pay $4 billion over five years in a settlement with the Justice Department over the April 20, 2010, drilling disaster in the Gulf of Mexico that killed 11 people and unleashed the worst offshore oil spill in U.S. history, officials announced Thursday.
The fine is the largest criminal payment in U.S. history, Justice Department officials said, but BP still faces even […]
View Original: BP settles criminal charges for $4 billion in spill; supervisors indicted on manslaughter
The final claims for the Deepwater Horizon oil spill settlement will be processed by the end of the year, the settlement’s claims administrator said today, as the historic payment process approaches its end.
Since the Deepwater Horizon rig exploded on April 20, 2010, killing 11 people and dumping 4 million barrels of oil into the Gulf of Mexico for 87 days, $11 billion in claims has been approved by Patrick Juneau, the court-appointed administrator of the settlement. BP has settled for nearly $20 billion more in an agreement with the federal government and the five Gulf states impacted by the […]
View Original: Remaining BP settlement claims to be processed by end of the year
A federal judge in New Orleans granted final approval Monday to an estimated $20 billion settlement, resolving years of litigation over the 2010 BP oil spill in the Gulf of Mexico.
The settlement, first announced in July, includes $5.5 billion in civil Clean Water Act penalties and billions more to cover environmental damage and other claims by the five Gulf states and local governments. The money is to be paid out over a 16-year period.
The judge, Carl Barbier, set the stage for the settlement with an earlier ruling that BP had been "grossly negligent" in the offshore rig explosion that […]
View Original: Judge Approves $20 Billion Settlement in BP Oil Spill
(Photo: File photo/U.S. Coast Guard via AP) The state Senate unanimously passed a bill to create a special account for BP oil disaster settlement money to ensure it is spent on the Coast, not inland.
Sen. Brice Wiggins, R-Pascagoula, authored Senate Bill 2634 to create the Gulf Coast New Restoration Reserve fund, with others in the Coast delegation signing on as co-authors. The bill now heads to the House, where some lawmakers have said the money should be distributed statewide, not just on the Coast.
Mississippi is set to receive $1.5 billion from BP over 17 years, with $750 million going […]
View Original: Senate approves BP account for Coast
It took all of two minutes and no debate for the state Senate to decide that the money from the BP Oil Spill settlement should stay on the Mississippi Gulf Coast.
Senate bill 2634, authored by Senators Brice Wiggins, Tommy Gollott, Sean Tindell, Joseph Seymour, Michael Watson, and Philip Moran, deposits the settlement monies into the Gulf Coast Restoration Reserve Fund.
The Senate passed the bill unanimously.“The Mississippians most affected by the Deepwater Horizon disaster were the fishermen, hotel owners, restaurant owners and residents of the Gulf Coast,” Lt. Gov. Tate Reeves said. “In today’s polarized times, many politicians are criticized […]
View Original: Senate bill to keep BP settlement money on the Coast passes unanimously
JACKSON – Legislation to direct BP settlement dollars to a new Gulf Coast restoration fund heads to the House of Representatives for consideration, Lt. Gov. Tate Reeves said today.
Senate Bill 2634, by Sen. Brice Wiggins, R- Pascagoula, creates the Gulf Coast New Restoration Reserve Fund, which would hold the funds separate from general tax dollars. The bill was co-authored by Sens. Tommy Gollott, R-Biloxi; Sean Tindell, R-Gulfport; Mike Seymour, R-Vancleave; Philip Moran, R-Kiln; and Michael Watson, R-Pascagoula.
The Senate voted unanimously in favor of the legislation.
“The Mississippians most affected by the Deepwater Horizon disaster were the fishermen, […]
View Original: SENATE BILL DIRECTS BP SETTLEMENT TO COAST FUND
Nearly six years after hundreds of millions of gallons of oil started to gush into the Gulf of Mexico, creating the worst offshore oil spill in U.S. history , a federal judge has formally approved the largest environmental settlement in history , which was determined in July of last year.
BP will pay roughly $20 billion over the course of the next decade-and-a-half to local, federal, and state entities, including Louisiana, Alabama, Florida, Mississippi, and Texas. This payout is the last in a series that also includes settlements with businesses and residents upended by the 87-day disaster.
As the AP reported […]
View Original: The Final Legal Chapter of the BP Oil Spill
Florida landed $3.25 billion Thursday as part of a multistate federal settlement with BP over widespread damage caused by the 2010 Deepwater Horizon disaster.
The deal requires London-based BP to pay $18.7 billion in economic and natural-resources damages to the five Gulf Coast states affected by the disaster, which pumped more than 100 million gallons of oil off the coastlines of Alabama, Florida, Louisiana, Mississippi and Texas.
Sen. Don Gaetz , who as Senate president pushed for the creation of a consortium to oversee the bulk of the settlement funds, said the money will help boost economic development throughout the Panhandle."This […]
View Original: Florida nets $3.25B in BP oil-spill settlement
BP PLC — the company responsible for the 2010 Deepwater Horizon oil spill — will pay a record $20.8 billion to the US government to cover damages caused by the disaster, the Department of Justice announced Monday . The deal finalizes an agreement between BP and the federal government that was first announced in July, in which BP said it would pay $18.7 billion . This final settlement updates that number and resolves all civil claims against BP set forth by the Department of Justice and five Gulf states. It is considered "the largest settlement with a single entity […]
View Original: BP fined a record $20.8 billion for oil spill disaster