BP in talks for $14bn Gulf oil spill settlement

BP and plaintiffs suing over the 2010 Gulf of Mexico oil spill are in talks for a $14 billion settlement funded by monies originally set aside by the company for out-of-court settlements, Bloomberg News reported Monday, citing three people familiar with the negotiations.

BP would shut its $20 billion Gulf Coast Claims Facility (GCCF) and move the remaining $14 billion to plaintiffs who filed claims contending the spill harmed their businesses and properties, the people said.

The GCCF, set up in August 2010, has paid out about $6 billion so far, according to its website.

The deal with the plaintiffs wouldn't cover potential pollution fines.

The full Bloomberg story can be read by clicking here.


Dow Jones Newswires

Related News

From the Archive

Comments