DALLAS –(March 3, 2012) –As a member of the Plaintiffs’ Steering Committee (PSC) spearheading the litigation surrounding the 2010 BP Gulf oil spill, Baron and Budd is pleased to announce that a settlement in principle has been reached. The settlement will fully compensate hundreds of thousands of victims of the tragedy, widely considered one of the worst environmental disasters in United States history.

Baron and Budd attorney, Scott Summy, who serves as a member of the Plaintiffs’ Steering Committee and represents hundreds of impacted businesses and individuals throughout the Gulf Coast, stated "the settlement provides the most benefit for the largest number of people. Its intent is to operate in an efficient and swift manner, providing fairer results than the Gulf Coast Claims Facility. It will also have the benefit of strict oversight by the very Court that has overseen this case from the beginning. It’s a win for the people and businesses that have been hurt."

The settlement will be fully funded by BP, and obligates them to fully satisfy all eligible claims under the terms of the Court supervised settlement, irrespective of the funds previously set aside. There is no cap on the amount they will pay. Compensation to claimants for economic loss claims will not be delayed while transitioning the process to New Orleans.

Two separate settlement agreements have been reached with BP. The first compensates private economic losses incurred by individuals or businesses due to the Gulf oil spill. There is no "one-size-fits-all" – instead, the settlement provides a variety of ways for claimants to account for specific circumstances. The second settlement compensates people with medical claims related to the spill and provides periodic medical consultation for the next 21 years. A grant of more than $100 million will be used to establish a 5-year program to enhance regional health care services. Claimants can participate in either or both settlement programs.

Baron and Budd is dedicated to protecting the environment and consumers and businesses from wrongdoing. The firm has represented hundreds of businesses and water providers across the country against the nation’s largest oil companies for water contamination issues.

To learn more about how the BP settlement affects you, or to see if you have a possible claim, call Baron and Budd at 1.866.844.4556, visit //baronandbudd.com/oil-spill/ or join our Facebook group http://www.facebook.com/BP.Settlement. There is no cost or obligation for our review of your potential claim.

 About Baron & Budd, P.C.
The law firm of Baron & Budd, P.C., with offices in Dallas, Baton Rouge, Austin, Los Angeles and Miami, is a nationally recognized law firm with a 30-year history of "Protecting What’s Right" for people, communities and businesses harmed by negligence. Baron & Budd’s size and resources enable the firm to take on large and complex cases. The firm represents individuals, governmental and business entities in areas as diverse as water contamination, Gulf oil spill, Qui Tam, California Proposition 65 violations, dangerous medications and medical devices, Chinese drywall, insurance claims, commercial litigation, consumer fraud, securities fraud and asbestos-related illnesses such as mesothelioma. Learn more about the mesothelioma attorneys at Baron & Budd.