A Few Highlights from the BP Settlement in Principle
Gabrielle D'AlemberteApril 19, 2012 10:00 AM
The much-awaited BP Settlement in Principle has been filed with the U.S. District Court in New Orleans for preliminary approval by Judge Carl Barbier. A hearing to consider preliminary approval has already been set for next Wednesday, April 25.
Yesterday, attorneys for BP and the Plaintiffs’ Steering Committee filed several hundred pages of documents, including the Settlement in Principle for both medical harm claims and economic and property damage claims. They also filed joint motions for preliminary approval in order to allow the settlement process to continue moving forward.
With the Settlement in Principle filed, much more detailed information about its terms is available to the public. Here are a few highlights of the BP Settlement in Principle:
BP will fund a $2.3 billion seafood compensation program available to seafood crew members, commercial fisherman, oyster leaseholders and seafood vessel owners. This is the only portion of the Settlement in Principle that is capped.
BP will also provide $57 million for a fund to promote the Gulf Coast and its Waters
Payment of “risk transfer premiums” for certain businesses and individuals participating in the economic damages portion of the Settlement in Principle. These premiums compensate for the risk of ongoing and recurring damage and vary depending on the industry
Plaintiffs who accept payment through the claims process set forth in the Settlement in Principle agree to release all defendants except Transocean and Halliburton.
Claims are already being processed under the terms of the Settlement in Principle, although attorneys expect that it will take the rest of the year to finalize the Settlement in Principle.
For individuals and business that are interested in how the BP Settlement in Principle affects them, Businesses by the Beach provides support.