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Federal Court Approves $18.7B BP Settlement Over Deepwater Horizon Claims

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On April 4, 2016, a federal court in New Orleans approved bp’s $18.7 billion settlement ending federal and five Gulf state litigation tied to the Deepwater Horizon spill. bp had provisioned over $69 billion, including $14 billion for response and cleanup, $1 billion for early natural resource restoration, and $1.3 billion for the NRDA process. The deal includes $7.1 billion payable by BPXP over 15 years, plus $4.9 billion over 18 years to the states and up to $1 billion for local government claims, with ongoing progress resolving remaining

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