BP Gulf Oil Spill Ends With $20.8 Billion Settlement

A settlement has been reached in relation to the infamous 2010 BP gulf oil spill. Following up from an initial agreement of $18.7 billion settlement reached back in July, the final settlement has increased to a whopping $20.8 billion total in damages against oil conglomerate BP. Nearly $5 billion is to be awarded to Florida, Alabama, Louisiana, Mississippi and Texas, with an additional $5.5 billion to be paid in Clean Water Act penalties. In addition, the settlement ties BP to a 15 year restoration plan for the region worth $8.8 billion.

This is the single greatest civil settlement in the history of the nation. Known as the Deepwater Horizon tragedy, over 134 million gallons of oil were spilled into the Gulf of Mexico in April 2010, affecting nearly 1,300 miles of shoreline. The spill caused immense damage to the local ecosystem, killing various wildlife as well as harming countless businesses operating in the coastal region.

While this marks the end of a major legal battle, BP is still likely to face other forms of legal recourse from secondary sources. Businesses seeking damages for lost income and lawsuits from BP's shareholders are likely to still remain. If you or your business have been negatively affected by this environmental tragedy, Herring Law Firm can help.

Attorney Mason Herring has been included in the prestigious Texas Super Lawyers® Rising Starsâ„  list for two years running, and shows no signs of slowing down. Contact a Houston oil and gas attorney from Herring Law Firm today - call (713) 999-4191.

Categories: Oil & Gas Law, Oil Spills

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