Payments from BP’s oil spill settlement with Gulf Coast residents, businesses exceed $1B mark
NEW ORLEANS — Businesses and individuals who claim BP’s oil spill in the Gulf of Mexico cost them money have been paid more than $1 billion through the company’s class-action settlement with private plaintiffs’ attorneys.
Court-supervised claims administrator Patrick Juneau says payments hit the $1 billion mark before the end of 2012. He also said 95 per cent of claimants who were offered payments decided to accept them.
The court-supervised claims process was established in June 2012. It replaced the Gulf Coast Claims Facility led by Kenneth Feinberg.
BP estimates it will pay $7.8 billion to resolve more than 100,000 claims through the settlement, which received final approval from U.S. District Judge Carl Barbier in December.