U.S. District Judge Carl Barbier has given his preliminary approval of a settlement that will resolve over 100,000 lawsuits brought by businesses and individuals harmed by the 2010 Deepwater Horizon disaster in the Gulf of Mexico.
The settlement is made up of two agreements, one that covers medical claims and one covering property and economic claims. Of the agreements, Judge Barbier said they are “fair, reasonable, and adequate,” with “no obvious deficiencies.”
According to BP, there is no cap and the settlement could reach an estimated $7.8 billion, which does not include claims made the Gulf Coast states and U.S. Government, making it the largest class-action settlement in the history of the United States. Some reports suggest that the government and state’s claims could reach into the tens of billions.
Judge Barbier has set a fairness hearing for November 8, at which time he will consider final approval of the settlement. Judge Barbier will hold a private conference this week regarding scheduling.
The settlement does not resolve issues between BP and Halliburton, who handled the cement service on the Macondo well, and Transocean, owners of the drilling rig.