US Government & BP settle for $20 billion over Deepwater Horizon oil disaster

 

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Article
6 October 2015

U.S. Settles Claims Against BP Over Deepwater Horizon Spill For $20 Billion

Author: Bill Chappell, NPR (USA)

Federal and state claims against BP for the April 2010 Deepwater Horizon oil spill have been resolved, the Justice Department says, with the oil and gas company agreeing to pay more than $20 billion in penalties. Calling it "a historic resolution," U.S. Attorney General Loretta E. Lynch said Monday that the deal is "the largest settlement with a single entity in American history," with a record environmental penalty…According to BP, the settlement announced today "does not reflect a new settlement or any new money." Instead, the company says, the figure touted by U.S. officials today includes money that was previously spent or announced…With today's announcement, the government is opening two months of public comment on the settlement. It'll then go before a federal judge for final approval.

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Article
5 October 2015

7 things we know about the finalized BP oil spill settlement

Author: Jennifer Larino, NOLA.com (USA)

U.S. Attorney General Loretta Lynch and other federal officials gathered Monday morning (Oct. 5) to file the details of the $20 billion settlement agreement with BP over the 2010 Gulf of Mexico oil spill in federal court. The 90-page settlement resolves federal and state claims as well as claims over natural resource damage caused by the disaster. Louisiana is set to receive more than $6.8 billion from the agreement the U.S. Justice Department and five Gulf Coast states reached with BP in July. The deal ends years of complex litigation and allows payments to start flowing to clean and restore the coast, compensate for lost local tax revenue and meet other needs.

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Article
5 October 2015

Deepwater Horizon: BP got 'punishment it deserved' Loretta Lynch says

Author: Dominic Rushe, Guardian (UK)

BP got “the punishment it deserves”, the US attorney general, Loretta Lynch, said on Monday as she announced a record settlement of more than $20bn arising from the oil firm’s fatal 2010 Deepwater Horizon oil spill. The deal, also agreed with the five states most affected by the spill, ends five years of legal fights over the disaster, which claimed 11 lives and pumped nearly 134m gallons of oil into the Gulf of Mexico over 87 days…“The steep penalty should inspire BP and its peers to take every measure necessary to ensure that nothing like this can ever happen again.” [said Lynch]…The spill “inflicted unprecedented damage”, said Lynch. “Ecosystems were disrupted. Businesses were shuttered. Countless men and women lost their livelihoods and their sense of security.”…Lynch said that the settlement was “not designed to discourage any valid economic activity in the Gulf”. “What it is designed to do, however, is not only to compensate for damages to provide a way forward for the health and safety of the Gulf, but let other companies know they are going to be responsible for the harm that occurs should accidents like this happen in the future…

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