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Yesterday attorneys for BP and the Plaintiffs’ Steering Committee were expected to file the Settlement in Principle with the U.S. District Court in New Orleans for preliminary approval. That deadline has now been extended to Wednesday of this week.

The extended deadline was requested by attorneys involved in the negotiations. Apparently both sides needed additional time to finalize the terms of the Settlement in Principle and to compile supporting documentation and exhibits. Apparently as part of a procedural move to pave the way for approval, the Plaintiffs’ Steering Committee also filed two class-action complaints with the court on Monday—one on behalf of clean-up workers and residents who claim harm from exposure to oil and chemicals and one on behalf of individuals with economic loss and property damage claims.

The Settlement in Principle was reach in March of this year between BP and a consortium of individuals and businesses that are involved in multi-district litigation against BP for the April 20, 2010 oil spill in the Gulf of Mexico. When approved by the court, the Settlement in Principle establishes how economic and property damage claims as well as medical claims will be resolved.

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