On April 19, 2012, more detailed settlements were reached in the Gulf oil spill litigation between BP and plaintiffs’ attorneys. As part of the settlement, BP will pay to resolve major property, economic and medical claims by more than 100,000 businesses and individuals involved in the litigation. And there is no cap on that total amount that BP can pay to resolve all claims. These payments will be in the billions of dollars.
In this settlement, $2.3 billion was set aside for commercial fishermen, seafood boat captains and others. Another $57 million will be used to promote the Gulf areas to increase tourism and the seafood industry.
This is one of the largest class action settlements in U.S. history. You could be part of this settlement if you qualify.
But keep in mind: some claims have not yet been resolved. BP still faces numerous potential claims from other sources, including the U.S. government, Gulf states, Transocean, Halliburton and others. Not all claims may be eligible for compensation under this settlement.