Congress eases way for BP oil spill settlement

WASHINGTON (Reuters) - The U.S. Congress on Friday removed an obstacle to settling legal claims emerging from the 2010 BP Gulf of Mexico oil spill, when it approved a spending plan for the billions of dollars it expects the government to collect.

BP Oil Spill Judge Tentatively Approves $7.8 Billion Pact

BP and lawyers suing the company won preliminary approval of their proposed settlement of claims over the 2010 Gulf of Mexico oil spill.

BP Oil Spill Judge ‘Leaning’ Toward Pact Approval

The U.S. judge presiding over lawsuits tied to the 2010 Gulf of Mexico oil spill said he is “leaning” toward approving BP Plc (BP/)'s multibillion dollar settlement with private plaintiffs.

Judge asked to sign off on BP oil spill settlement

Originally posted by Cain Boudeau - AP - April 18, 2012

NEW ORLEANS (AP) -- BP and attorneys for more than 100,000 people and businesses presented a federal judge Wednesday with a class-action settlement designed to resolve billions of dollars in claims spawned by the 2010 oil spill in the Gulf of Mexico.

The London-based oil giant and the lawyers are asking U.S. District Judge Carl Barbier in New Orleans to give preliminary approval to the settlement agreement. The judge is scheduled to consider their request April 25.

BP, Plaintiff Lawyers Submit Proposed Spill Accord Terms

Originally posted by Margaret Cronin Fisk, Jef Feeley and Dawn McCarty - Bloomberg - Apr 18, 2012

BP Plc (BP/) and lawyers suing the company over the 2010 Gulf of Mexico oil spill submitted their proposed settlement agreement to the judge overseeing the litigation.

Lawyers for both sides filed the accord today with U.S. District Judge Carl Barbier in New Orleans for preliminary approval. They asked Barbier to hold a Nov. 8 fairness hearing before final approval of the accord and to postpone any trial on liability until after the hearing. Barbier today set a hearing April 25 to consider the request for preliminary approval.

BP, some plaintiffs ask court to approve spill settlement

Lawsuits between BP and thousands of plaintiffs claiming economic and medical damages from the 2010 Gulf of Mexico oil spill edged closer to resolution Wednesday as the parties filed a proposed class-action settlement in a New Orleans federal court.

Investigation: Two Years After the BP Spill, A Hidden Health Crisis Festers

On March 3 Nicole Maurer learned of the proposed settlement between BP and hundreds of thousands of Gulf Coast businesses and residents harmed by its 2010 oil spill, the largest in US history.

Investors appear confident in BP settlement figure

Originally posted by Emily Pickrell - Houston Chroncle - March 13, 2012

BP's estimate that it will pay $7.8 billion to settle thousands of Gulf oil spill claims has reassured investors even as lawyers for plaintiffs emphasize that the figure may be low.

BP Reaches Estimated $7.8 Billion Deal With Spill Victims

BP Plc (BP\) may face as much as $17.6 billion in civil pollution fines and possibly billions of dollars more in criminal penalties as its settlement with businesses and individuals harmed by the 2010 Gulf of Mexico oil spill shifts the focus to government claims.

BP reaches $7.8-bn deal with victims of oil spill

Originally posted by Bloomberg - March 5, 2012

BP Plc said it had reached a $7.8-billion settlement with businesses and individuals over the 2010 Deepwater Horizon oil rig disaster, removing one of three major litigation fronts facing the company over the biggest offshore spill in US history.

BP said yesterday in a statement that the settlement will be paid out of a $20 billion trust set up to compensate spill victims. Lawyers for the plaintiffs said in a separate statement that settlement will resolve most private claims for economic loss, property damage and medical injuries. Plaintiffs lawyers said there wasn’t a cap on the total damages BP has to pay.