judge approves $20bn bp settlement for gulf spill - oil spill containment

by:Demi     2019-09-13
judge approves $20bn bp settlement for gulf spill  -  oil spill containment
A federal judge approved the final approval of about $20 bn (£14bn)
Solution to the 2010 BP oil spill in the Gulf of Mexico.
The settlement announced for the first time in July included $5.
In the civil Clean Water Act, 5bn will be punished and will compensate the five Gulf states for billions of dollars in environmental damage and other claims.
The Justice Department estimates that the settlement costs for BP will be as high as $20. 8bn -
The largest environmental settlement in American history.
S. District Court Judge Carl Baber has ruled that the explosion of BP's "gross negligence" Deepwater Horizon rig caused workers to carry out 0. 134 billion gallons of oil leakage.
In 2012, BP reached a similar settlement with lawyers for businesses and residents who claimed that the oil spill had cost them money.
This uncapped transaction resulted in a lengthy court struggle on payment to the business, and the claims administrator is still dealing with many cases.
BP estimates the cost associated with the leak
Including clean-up, reconciliation and criminal and civil penalties
More than $53 (£37bn).
Spokesman Jeff Morrell said: "We are pleased that the court has signed the consent order and finalized the historic settlement announced on last July.
S. Attorney General Loretta Lynch praised the settlement.
She said in a statement: "Today's action has allowed BP to bear the biggest environmental penalty ever, while launching one of the most extensive recovery efforts ever.
John Bell Edwards, governor of the state of Luis Anna, said the decision allowed the state to receive important recovery funds.
The state's coastal swamps are damaged by oil spills.
The money will be paid in the next 16 years.
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