BP Finalizes Oil Spill Settlement With Plaintiffs

When the settlement was first negotiated in March, BP executives said they expected to pay $7.8 billion from a $20 billion fund the company set aside to pay for costs associated with the spill. According to a statement from the company's website posted yesterday, the settlement has been finalized.

"BP made a commitment to help economic and environmental restoration efforts in the Gulf Coast, and this settlement provides the framework for us to continue delivering on that promise, offering those affected full and fair compensation, without waiting for the outcome of a lengthy trial process," said Bob Dudley, BP Group Chief Executive.

The settlement is just the first step in what is likely to be a long battle in court over liability. If found grossly negligent by U.S. District Judge Carl Barbier in New Orleans, the company would have to pay as much as $4,300 per barrel of oil spilled.

Included in the lawsuit are Andarko, Triton, and Transocean. BP is separately suing Haliburton to ensure every company involved has some level of responsibility for the disaster.

Read more on USA Today and watch video discussing sick fish in wake of BP disaster


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