BP reaches settlement on Gulf oil spill

Author:
Updated:
Original:

A billion-dollar settlement was reached last week between BP and attorneys on the Plaintiffs' Steering Committee in the litigation surrounding the 2010 Gulf oil spill.

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, about 4.1 million barrels of oil were spilled.

“This settlement will provide needed monies to many individuals and businesses in the Gulf Coast who have suffered so greatly,” Scott Summy, who serves on the Plaintiffs’ Executive Committee, said in a statement.

The 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 was earmarked for commercial fishermen, seafood boat captains and others. Another $57 million will be set aside to promote the Gulf Coast in the hopes of bolstering tourism and the seafood industry.

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

Related

Patrick Industries Acquires Taco Metals

The components manufacturer had been family-owned for 60 years.

Consumers Say E15 Warning Labels Are Ineffective

A new poll shows that current branding efforts do not adequately warn consumers to the risk and legality of using the blended fuel with certain engines.

Silent-Yachts’ New Project

The Austrian solar yacht outfit will use VW’s electric drive system on a vessel to be drawn by Spanish car brand Cupra.

Industry Mourns Christopher Ramirez

A regional sales manager at Garmin, Ramirez died suddenly at age 35 last month.

Quick Hits: December 1, 2020

Freedom Boat Club announces 250th location; ShoreMaster/Hydrohoist acquires Neptune Boat Lifts; MarineMax names brand manager; and Arkansas scientists study fishing license increase.

Our Great Lakes Are Battered and Need Help

The eight-state region that accounts for one-third of annual boat sales has seen unprecedented damage from high waters. A bipartisan legislative effort looks to protect the region and its small businesses.

Boat Demand Remains Strong, But Inventory Shortages Prevail

Dealers worry that the absence of new boats is driving up prices.

Electric Boat Company Completes IPO Process

Canada-based e-mobility outfit Vision Marine raises $27.6 million to reinvest in its line of electric vessels and 180-hp, E-Motion outboard.

Besenzoni Introduces Electric-Powered Gangways

The company says it will introduce electric power across its line of ladders, tender lifts and more.