BP reaches $7.8 billion settlement with plaintiffs

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BP says it has reached a $7.8 billion settlement with plaintiffs, both businesses and individuals, that had sued over the 2010 Deepwater Horizon rig explosion and oil spill, reports the News Service of Florida. BP said in a company release that the settlement will be paid out the $20 billion victim compensation trust fund that it had set up. A trial had been scheduled to start Monday in New Orleans on liability for the explosion. With the settlement, the trial now won’t go forward, though the court must approve the settlement terms. BP has said it has spent more than $20 billion in the aftermath of the April, 2010 explosion that ended up causing the largest oil spill in U.S. history. The majority of that was money spent responding, but that also includes more than $8 billion paid out to business owners who lost money because of the spill’s effect on beaches, and repaid to local governments for their response and cleanup costs. The company still faces claims by the federal government for violations of the Clean Water Act and other damages. The company may also continue to face other litigation, such as claims filed by shareholders.

Peter Schorsch is the President of Extensive Enterprises and is the publisher of some of Florida’s most influential new media websites, including SaintPetersBlog.com, FloridaPolitics.com, ContextFlorida.com, and Sunburn, the morning read of what’s hot in Florida politics. SaintPetersBlog has for three years running been ranked by the Washington Post as the best state-based blog in Florida. In addition to his publishing efforts, Peter is a political consultant to several of the state’s largest governmental affairs and public relations firms. Peter lives in St. Petersburg with his wife, Michelle, and their daughter, Ella.