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Judge Delays BP Oil Spill Trial for Settlement Negotiations

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U.S. District Judge Carl Barbier has delayed the start of the BP oil spill trial to allow BP Plc., and the Plaintiff Steering Committee more time to negotiate a deal regarding the tens of thousands who were affected by the Deepwater Horizon disaster in the Gulf of Mexico in April 20, 2010.

In a statement, BP announced that they “and the PSC are working to reach agreement to fairly compensate people and businesses affected by the Deepwater Horizon accident and oil spill.” BP also said there is no guarantee that the talks would lead to a settlement, Reuters reported.

Bloomberg reported that the PSC and BP were negotiating a $14 billion dollar settlement that would significantly reduce upcoming litigation, and could be a step towards reaching a global settlement with state and federal governments and BP drilling partners.

Judge Barbier’s ruling said that delaying the trial made sense “for reasons of judicial efficiency and to allow the parties to make further progress in the settlement discussions.”

BP has already accepted responsibility for the accident, and has given a $43 billion estimate for cleanup costs and legal fees. Some experts believe the costs could amount to more than $60 billion.

 

 

 

breakinglawsuitnews.com disclaimer: This article: Judge Delays BP Oil Spill Trial for Settlement Negotiations was posted on Monday, February 27th, 2012 at 9:08 pm at breakinglawsuitnews.com and is filed under Accident Lawsuits.

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