facebook
twitter
rss
account
search
search
 

BP settlement for 2010 oil spill extended

April 17, 2012 at 6:38 AM   |   Comments

| License Photo
NEW ORLEANS, April 17 (UPI) -- A U.S. federal court extended the deadline for a settlement between BP and plaintiffs involved in the 2010 Gulf of Mexico oil spill to Wednesday, BP said.

BP and the Plaintiffs' Steering Committee confirmed the U.S. District Court in New Orleans extended the deadline to give the sides more time to finalize in-principle agreements.

BP announced in March it reached a $7.8 billion settlement with the PSC, a consortium of individuals and businesses involved in a multi-district suit against the oil company.

Both sides, BP said in a statement, are finalizing two agreements on economic and property damage claims along with medical claims the company said would "fairly compensate people and businesses affected by the Deepwater Horizon accident and oil spill."

The settlement would come from a $20 billion fund set up by BP.

The accident was one of the worst for the oil industry and 11 workers died in the explosion that sank the Deepwater Horizon rig in the Gulf of Mexico.

BP's case with the PSC doesn't address claims from the U.S. government that BP violated the Clean Water Act or other related measures.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
2014: The Year in Music [PHOTOS]

2014: The Year in Music [PHOTOS]

Most Popular
1
Kurds raise oil funds for refugees
2
U.S. oil pipeline output increasing
3
Russian, Myanmar trade reaches to energy sector
4
Abercrombie & Fitch axes logos after years of declining sales and bad press
5
Lundin frustrated with latest North Sea find
Trending News
Video
x
Feedback