Gulf States Reach $18.7b Settlement With Bp Over Oil Spill

The settlement money will be used to resolve the Clean Water Act penalties; resolve natural resources damage claims; settle economic claims; and resolve economic damage claims of local governments, according to an outline filed in federal court Thursday morning. Costs incurred by BP so far include an estimated $14 billion for response and cleanup and $4.5 billion in penalties announced after a settlement of a criminal case with the government. Earlier this year, a federal judge in New Orleans concluded the third phase of a civil trial pitting the oil giant against the federal government.

Topics:  clean water act   costs   bp   earlier   new orleans   settlement   oil   resolve   federal   claims   economic   damage   penalties   billion   government   

 

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