BP, Attorneys Reach Landmark Billion Dollar Settlement in Gulf Oil Spill Lawsuit

April 20, 2012  |  Environmental, Gulf Oil Spill, Press Releases

Baron and Budd Remains Active in Litigation

DALLAS –(April 20, 2012) –Earlier this week a billion dollar settlement was reached between BP and attorneys on the Plaintiffs’ Steering Committee (PSC) in the litigation surrounding the 2010 Gulf Oil Spill. With the two-year anniversary of the Deepwater Horizon explosion on Friday, this news is welcome relief for Gulf coast businesses and individuals.

The 2010 Deepwater Horizon explosion killed 11 workers and triggered the largest offshore oil spill in U.S. history. According to the U.S. government, approximately 4.1 million barrels of oil were spilled and never cleaned up. Baron and Budd shareholder Scott Summy serves on the Plaintiffs’ Executive Committee (PEC).

“This settlement will provide needed monies to many individuals and businesses in the Gulf Coast who have suffered so greatly,” said Scott Summy.

Yesterday’s agreement is expected to pay an estimated $8 billion to resolve economic, property and medical claims by more than 100,000 Gulf-area businesses and individuals. Such a payout would make this one of the largest class action settlements in U.S. history. There is no cap on the total amount that can be paid.

According to the settlement, $2.3 billion has been earmarked for commercial fishermen, seafood boat captains and others. Another $57 million will be set aside to promote the Gulf coast in hopes of bolstering tourism and the seafood industry.

BP still faces billions of dollars in potential claims from the U.S. government, Gulf-area states and drilling partners Transocean and Halliburton.

U.S. District Judge Carl Barbier, who is overseeing the litigation, is scheduled to consider preliminary approval of the settlement in November.

Not all businesses or individuals may be eligible for compensation under the settlement. Contact Baron and Budd at 1.866.844.4556 or at info@baronbudd.com to find out if you or your business is eligible to file a claim. Learn more about the recent BP settlement at http://www.bpsettlementattorney.com.

About Baron & Budd, P.C.

The law firm of Baron & Budd, P.C., with offices in Dallas, Baton Rouge, Austin and Los Angeles, 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.

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