BP to Settle Claims for Up to $18.7 Billion for Deepwater Horizon Disaster
Posted On behalf of Simien & Simien on Jul 08, 2015 in Oil And Gas
BP has announced that the company has reached an agreement to settle federal, state and local claims that arose from the 2010 Deepwater Horizon oil spill.
The agreement includes the states of Alabama, Florida, Louisiana, Mississippi and Texas. Payments will be made over the next 18 years.
As natives of Louisiana, Simien & Simien understand how much of an impact the Deepwater Horizon disaster had on locals. If you or someone you love has suffered damages as a result of a negligent oil or gas company, contact our experienced environmental damage attorneys. We can help you determine your legal options.
For a free case review, call (800) 374-8422.
Louisiana will be receiving about $6.8 billion to settle claims, it is the largest amount among the five states receiving compensation. Included in the amount is $5 billion that will be used to overhaul the spill’s toll on natural resources. The state will also receive $787 million of BP’s Clean Water Act penalties, which will be used to repair natural resources, including wetlands, wildlife habitats and more.
About $1 billion will be used to cover the economic losses Louisiana experienced as a result of the spill. How the rest of the funds will be used will be directed by law.
Federal and state trustees worked for five years to assess the damage the spill caused and put a value on losses. The next step for all those involved is to develop a plan for restoration.
Florida is receiving the second biggest payout with approximately $3.25 billion going to the state to handle claims. The primary damage from the oil spill occurred on state's panhandle.
Although some hail this deal as a great way for Louisiana to begin its $50 billion restoration plan, it’s important to note that some of BP's payments could be tax-deductible. Additionally, the company gets to put the fiasco behind them, while states, businesses and those who lost a loved one during the disaster must deal with the consequences for years to come.
The experienced oilfield contamination lawyers at Simien & Simien are ready to help you if you or someone you love has been affected by an oil spill, pipeline rupture and other environmental fiascos.