Deepwater Horizon: BP agrees to pay $7.8-billion settlement

British Petroleum agreed to pay $7.8 billion in to resolve private plaintiffs affected by the spill from one of its wells in the Gulf of Mexico Oil Spill disaster in April 2010.

The proposed settlement presents a substantial advancement towards settling issues from the Deepwater Horizon accident and adding further to economic and environmental restoration efforts along the Gulf Coast. The latest settlement comes in the wake of a string of filings and counter-filings b/w BP and the other corporations associated with the operation of the Deepwater Horizon rig, whose explosion in 2010 killed 11 workers and spewed 4 million barrels of oil into the Gulf.

Month: Current Affairs - March, 2012