In August 2010, all of the lawsuits against BP and the other defendants concerning the Deepwater Horizon Incident were consolidated before one Court, in litigation called In re Oil Spill by the Oil Rig “Deepwater Horizon” in the Gulf of Mexico on April 20, 2010 (MDL 2179). Enormous amounts of time and effort were spent by all parties as the litigation moved towards trial, which was set to begin on February 27, 2012.
At the same time as they prepared for trial, the Plaintiffs’ Steering Committee and BP also began settlement negotiations, because both sides recognized that a trial would be costly and risky. After over a year of continuous negotiations, the Plaintiffs’ Steering Committee and BP reached agreement on the Economic and Property Damages Settlement. Both the Plaintiffs’ Steering Committee and BP think the Settlement Agreement is fair and in the best interests of the Plaintiffs, all those in the Economic and Property Damages Class, and BP.
So how much is the settlement for you ask? BP has estimated that the total costs of the Settlement will be approximately $7.8 billion, though there is no limit on the total amount of the settlement.
Class member requirements are extremely broad resulting in a very large pool of potential members. This was done intentionally to help compensate all individuals that experienced a loss of income or revenue as a result of the BP Oil spill.
If you think you may meet the class requirments as required by the settlement agreement, or you simply would like to discuss your options, do not hesitate to contact the attorneys at Anton Castro Law for your free consultation. (813) 907-9807