BP has reached a settlement with the Plaintiffs’ Steering Committee (PSC), subject to final written agreement, to resolve the substantial majority of legitimate economic loss and medical claims stemming from the Deepwater Horizon accident and oil spill, BP announced late Friday.
BP estimates that the cost of the proposed settlement, expected to be paid from the USD 20 Million trust, would be approximately USD 7.8 billion.
“This includes a BP commitment of USD 2.3 billion to help resolve economic loss claims related to the Gulf seafood industry.”
BP said in a statement that the proposed settlement “is comprised of two separate agreements, one to resolve economic loss claims and another to resolve medical claims.”
According to the statement, “the proposed settlement does not include claims against BP made by the United States Department of Justice or other federal agencies (including under the Clean Water Act and for Natural Resource Damages under the Oil Pollution Act) or by the states and local governments.”
BP Group CEO Bob Dudley said in a statement that the “proposed settlement represents significant progress toward resolving issues from the Deepwater Horizon accident and contributing further to economic and environmental restoration efforts along the Gulf Coast.”