PLAINTIFFS' STEERING COMMITTEE IN BP GULF OIL SPILL LITIGATION ANNOUNCES SETTLEMENT IN PRINCIPLE WITH BP
Mar 2, 2012
FOR IMMEDIATE RELEASE
March 2, 2012
[New Orleans] -- The Plaintiffs' Steering Committee (PSC) spearheading
the litigation surrounding the 2010 BP Gulf Oil Spill today announced
that a settlement in principle has been reached with BP that will fully
compensate hundreds of thousands of victims of the tragedy.
The settlement is to be fully funded by BP, with no cap on the amount
BP will pay. BP is obligated to fully satisfy all eligible claims under
the terms of the Court supervised settlement, irrespective of the funds
previously set aside.
The agreement will resolve the majority of private economic loss, property
damage and medical injury claims stemming from the Gulf Oil Spill. The
settlement will hold BP fully accountable to individuals and businesses
harmed by the spill.
Stephen J. Herman and James P. Roy, Plaintiffs' Co-Liaison Counsel
said, "We are extremely pleased to bring justice to those harmed
by the BP Gulf Oil Spill. This settlement will provide a full measure
of compensation to hundreds of thousands -- in a transparent and expeditious
manner under rigorous judicial oversight. It does the greatest amount
of good for the greatest number of people."
Two separate settlement agreements have been reached with BP. The first
settlement compensates private economic losses due to the Gulf Oil Spill.
These claims include businesses and individuals that lost profits; sustained
damage to coastal property, wetlands and personal property; sustained
real property sales losses; lost subsistence use; and have claims for
failure to pay under BP's Vessels of Opportunity Program. The second
settlement compensates people with medical claims related to the spill
and provides periodic medical consultation for the next 21 years. Claimants
can participate in either or both settlement programs.
There will be no delay in the processing of economic loss claims while
the heart of the claims process shifts to New Orleans, where Court supervision
will ensure independence, fairness, transparency of process, and accountability.
During the transition period claimants will be able to accept a percentage
of their existing GCCF (Gulf Coast Claims Facility) offers while preserving
their right to participate in the economic loss settlement.
"Under the new program, eligible claimants will generally be paid
greater benefits than under the GCCF," said Herman and Roy.