BP Settles Private Oil Spill Claims For At Least $7.8B

Law360, New Orleans (March 2, 2012, 12:00 AM EST) -- BP PLC and plaintiffs’ lawyers agreed in principle Friday to settle hundreds of thousands of claims in multidistrict litigation over the Deepwater Horizon oil spill, potentially resolving a major part of the legal proceedings that arose from the worst environmental disaster in U.S. history.

Two separate settlement programs will resolve most of the property damage, economic loss and medical claims in the litigation, BP and the plaintiffs' steering committee said in separate statements Friday. BP will fund the entire package itself with no cap on how...
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