Accord Reached Settling Lawsuit Over BP Oil Spill - NYTimes.com

Accord Reached Settling Lawsuit Over BP Oil Spill - NYTimes.com:

"BP and the lawyers for plaintiffs in the trial over the 2010 oil spill in the Gulf of Mexico have agreed to settle their case.

Judge Carl J. Barbier of Federal District Court in New Orleans issued an order late Friday night stating that the two sides “have reached an agreement on the terms of a proposed class settlement which will be submitted to the court,” and announcing that the first phase of the trial, scheduled to begin on Monday, is adjourned indefinitely while the next steps are worked out"
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The agreement calls for replacing the $20 billion fund created by BP to compensate victims of the spill, and to pay natural resources damages and state and local response costs. The fund, called the Gulf Coast Claims Facility and run by Kenneth R. Feinberg, a lawyer, would become a new fund administered by the court. Mr. Feinberg has paid more than $6 billion from the fund to some 200,000 individuals and businesses. The company announced that payments to people making claims under the Feinberg fund would continue to be paid during the transition.

“Ken Feinberg has overseen the GCCF since it began operating in August 2010, and we thank him and his team for their dedication and professionalism,” BP spokesman Robert Dudley said in the news release

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