Feds Ask Judge To Approve BP Oil Spill Settlement
March 24th, 2016
Attorneys for the U.S. Department of Justice asked a federal judge in New Orleans to approve the record-setting $20 billion BP oil spill settlement agreement. The government and the oil giant came to the settlement agreement last July. The BP oil spill settlement also includes billions of dollars for the five Gulf Coast states affected by the spill, with the largest share going to Louisiana, as well as numerous city, county, and local government entities in those states.
History of the BP Oil Spill
On April 20, 2010, an underwater explosion at the Deepwater Horizon oil rig off the Louisiana Gulf Coast killed 11 workers and injured 40 others. The explosion also caused a pipe carrying crude oil to leak into the Gulf of Mexico. The leaking pipe spilled more than 130 million gallons of crude oil into the Gulf over nearly three months. The oil spill, and the damage it caused the fragile Gulf Coast wetlands, prompted a federal investigation into how the explosion occurred.
Details of the BP Oil Spill Settlement
The $20 billion BP oil spill settlement marks the largest settlement between the federal government and a single corporate entity in U.S. history. It also holds the record for the largest settlement related to an incident of massive environmental pollution. The BP oil spill settlement includes more than $5 billion in fines for the company’s violations of the federal Clean Water Act. The settlement also includes more than $8 billion in damage claims and nearly $6 billion to state and local agencies in Texas, Louisiana, Alabama, Mississippi, and Florida.
Feds: BP Oil Spill Settlement Gets 28,000 Public Comments
The Departments of Justice, Commerce, and Agriculture, along with the Environmental Protection Agency, gathered more than 28,000 public comments regarding the terms of the BP oil spill settlement. The government promised to submit the comments to the court to show how the BP oil spill settlement agreement is “fair, reasonable, and in the public interest.” Shortly after the settlement was announced, Commerce Secretary Penny Pritzker told reporters that the government is “committed to ensuring the Gulf Coast comes back stronger and more vibrant” after the spill.
Oil Giant Will “Await A Decision” On BP Oil Spill Settlement
In a statement emailed to the press, a BP spokesman said that the company will “await a decision” on the historic settlement. The statement also mentioned that the judge’s decision will be “another step toward finalizing the historic settlement.” The terms of the BP oil spill settlement will allow the company to pay out the amount over 16 years. The BP oil spill settlement agreement also prohibits the company from receiving any tax deductions on their fines or other civil penalties.
Know Your Rights In A BP Oil Spill Lawsuit
To find out how we can help with a BP oil spill lawsuit, contact us today at 855-877-7455. Our friendly staff will ask a few questions about your case and connect you to a BP oil spill lawsuit attorney. You can also fill out the “Confidential Evaluation” form at the top of this page.
NOTE: This blog post is a news story and does not imply an endorsement of the Amaro Law Firm by any parties mentioned herein.