$175M BP Deal Gets Judge's OK With Opt-Out Method Intact

Law360, New York (November 7, 2016, 8:39 PM EST) -- A Texas federal judge preliminarily approved a $175 million settlement between BP PLC and a class of investors alleging the company downplayed the magnitude of the Deepwater Horizon oil spill in the weeks following the blowout, rejecting a bid by 135 institutional investors to modify the settlement opt-out procedures.

BP's settlement resolves a certified class action alleging the company misrepresented the seriousness of the explosion and its aftermath, in which 11 workers were killed and an estimated 4.9 million barrels of crude oil were spilled into...
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