BP urges judge to approve spill deal

[orphanedhawk]

BP is urging a federal judge to give final approval to a proposed settlement with residents damaged by the 2010 oil spill, who have barely a week to decide whether to opt out of the deal.

In a document filed Monday night with U.S. District Judge Carl Barbier of New Orleans, BP rebutted objections by various parties in recent weeks and said the size of the settlement and the small number of opt-outs - under 1,000 so far - prove the deal is fair. Prospective claimants have until Nov. 1 to opt out and pursue their own litigation. Those who don't will be bound to the terms of the settlement, if it is approved.

BP operated the Macondo well 50 miles of the Louisiana coast, which blew out in April 2010, triggering a deadly explosion on the Deepwater Horizon drilling rig and unleashing a three-month oil spill.

The court has received objections on behalf of about 14,000 claimants, but 5,000 of those didn't meet filing requirements, BP said in its filing.

BP said the objectors represent a small portion of the total eligible claimants.

"None of the few objections should prevent final approval of the agreements, which provide numerous unique benefits that would not be available to claimants absent this settlement," said BP spokesman Scott Dean. "The remarkably low number of objections and opt-out requests to date is strong, objective evidence that the settlement is a superior alternative to continued lengthy litigation and fulfills BP's commitment to pay all legitimate claims stemming from the Deepwater Horizon accident."

BP has estimated it will pay $7.8 billion under the settlement, although the deal contains no cap on damages. The company and a steering committee representing plaintiffs announced the proposed deal in March.

Barbier has scheduled a hearing starting Nov. 8 to assess the fairness of the deal. The settlement would cover thousands of residents and businesses with economic or health claims.

Court filings objecting to the settlement have challenged how it treats natural resource damages, sets geographic boundaries for eligible claimants, divides the components of the settlement covering seafood industry damages, and determines eligibility of claimants who signed waiver releases in exchange for immediate payments shortly after the spill.

BP argues that the proposed settlement more than meets its obligations in calculating current and future economic damage compensation for claimants, as prescribed in the Oil Pollution Act of 1990.

http://www.chron.com/business/article/BP-urges-judge-to-approve-spill-deal-3975740.php

[brice1967]

For sure... There are some who are going to try to milk this for all its worth.  I just hope that everyone involved (legally) does due diligence and gets this worked out.  

So many people were impacted, and that impact was felt on different levels.  Glad to see that there is no cap on the settlement.

[adgal]

Well, I do think BP should pay what is fair to all of those so badly hurt by this spill.  Lost wages, lost revenue, etc etc  And I think proper assessments need to be done to ensure that everyone impacted is fairly treated.  At the same time, you know that there are some who will milk this for anything and everything they can.  Probably just a few, but I can see the legal system and BP not wanting that to happen too.  I guess I would need more info to have a really solid opinion here...I don't want to see anyone hurt anymore by this if it can be avoided.