Recently, the Justice Department reached its final settlement with BP and the figure has risen to $20.8 billion. This large settlement, the biggest environmental settlement in the nation’s history and the largest civil settlement with any single entity, comes after years of litigation against BP for its liability in the 2010 oil spill that impacted the Gulf of Mexico. The settlement is being considered a major step forward in the nation’s attempt to deliver justice to the gulf region that was so heavily impacted by the oil spill. The 2010 oil spill remains the biggest environmental disaster to ever strike our country and its legacy is sadly lasting.
The settlement will now resolve the 2010 lawsuit filed by the Justice Department against BP. It includes a civil claim under the Clean Water Act which will equate to $5.5 billion as well as natural resource damage claims under the Oil Pollution Act in the amount of $7.1 billion. It additionally includes economic damages claims to go to the Gulf states that were impacted most severely by the spill—Mississippi, Louisiana, Alabama, Florida, and Texas.
Previously, the settlement was predicted to be $18.7 billion. However, in fine tuning the figures, the monetary amount went up to cover all necessary costs. Billions of dollars will go towards ongoing restoration efforts in the area where wildlife and plants continue to display signs of damage due to the mass amounts of oil spilled in the region.
In other BP news, the state of Alabama reached a settlement with Transocean Offshore Deepwater Drilling, which owned the Deepwater Horizon oil rig that exploded in 2010. The funds will go to the state’s General fund. At least one politician has criticized the allocation of these funds, claiming that they should instead go to those communities along the coast that were most affected by the spill.
A Natural Disaster that Continues to Affect Many
The 2010 BP oil spill caused more than three million barrels of oil to leak into the Gulf of Mexico. Eleven employees were killed instantly in a catastrophic explosion, and thousands of individuals and businesses saw their livelihoods become deeply impacted by the spill. Fishermen, restaurant owners, tourist dependent businesses, real estate developers and brokers, and many more found their business depleted due to the spill. While many of those affected by the spill were able to file claims against BP and receive some sort of compensation, they often did not receive coverage for the full extent of their losses. Even further, some are still awaiting funds from BP for their oil spill losses.
If you need assistance with any issue related to the BP oil spill, do not delay. Contact a BP oil spill attorney today for an in-depth analysis of your legal rights.
Barrett Law, PLLC: Helping Those Impacted by the BP Oil Spill
It has been five years since the BP oil spill devastated the Gulf Coast area. After all this time, many individuals and businesses are still struggling to obtain the compensation they deserve. Many remain impacted by this monumental disaster. If you need assistance with your BP oil spill claim, contact the Mississippi BP Oil Spill Attorneys at Barrett Law, PLLC. Our outstanding Mississippi law firm has been there from the start to help those impacted by the oil spill and we will remain until the conclusion. Your time to receive compensation is limited, so contact Barrett Law, PLLC as soon as possible to discuss your potential oil spill issue. Call Barrett Law, PLLC today at 1 (601) 790-1505 to schedule your free initial consultation.
