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BP Gulf Oil Spill: Settlement Reached to Resolve Economic Loss and Medical Claims
$7.8 Billion Settlement BP announced on March 3, 2012 a “Settlement with PSC, subject to final written agreement, to resolve economic loss and medical claims from Deepwater Horizon accident and oil spill”. Further, BP stated an “estimated $7.8 billion settlement expected to be paid from $20 billion Trust”. The “PSC” is the Plaintiffs’ Steering Committee and the “Trust” is a reserve required by the USA federal government for costs and claims, the Gulf Coast Claims Facility, or GCCF.
Big Oil Criminals Congressman Joe Barton (Republican, Texas 6th District), a former ARCO oil company executive plus a Tea Party booster and favorite, became famous in June 2010 for apologizing directly to then BP CEO Tony Hayward twice during Congressional hearings for the USA requiring BP to establish an escrow fund for the Gulf Oil Spill damages. Smarter political criminals and fascists, including Republican Speaker of the House John Boehner, recessed the hearings long enough to force Joe Barton to retract his statements for fear of further exposing the corporate and political corruption to duped Republican constituents throughout the United States.
BP Reaches $7.8B Partial Settlement for Oil Spill Nearly two years after the worst oil spill in U.S. history, BP has reached a $7.8 billion partial settlement that it hopes will help put the incident behind them. But as Mark Strassmann reports, it’s not over yet.
Only Certain Claims Settled BP noted: The proposed settlement does not include claims against BP made by the United States Department of Justice or other federal agencies (including under the Clean Water Act and for Natural Resource Damages under the Oil Pollution Act) or by the states and local governments. The proposed settlement also excludes certain other claims against BP, such as securities and shareholder claims pending in MDL 2185, and claims based solely on the deepwater drilling moratorium and/or the related permitting process.
Gulf Coast Claims Facility The Trust is described by BP: The Trust was established to satisfy not only legitimate individual and business claims but also a number of other costs related to the accident and oil spill. Other costs to be paid from the Trust include state and local government claims, state and local response costs, natural resource damages and related claims, and final judgments and settlements. It is not possible at this time to determine whether the $20 billion Trust will be sufficient to satisfy all of these claims as well as those under the proposed settlement. Should the Trust not be sufficient, payments under the proposed settlement would be made by BP directly.
Greenpeace: Redesign BP Logo Contest
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