BP will probably pay out $7.8 billion in settlement money to the more than 100,000 victims of the most horrendous offshore oil spill in American history. Those who are waiting for the money can take the settlement or sue.
The spill, which occurred on April 20, 2010, harmed tidal estuaries, and beaches, and killed wildlife along with the Gulf’s commercial fishing industry. The lawsuits were filed by fishermen that lost income, and cleanup workers that became sick, as well as anyone else who was damaged by the oil spill. The settlement money comes out of BP’s $20 billion compensation fund.
BP is also still resolving claims from when the pressure from a well a mile below the ocean destroyed a huge drilling rig, which resulted in the death of 11 men and oil spewing into the sea for three months. These claims from the U.S. government, Gulf states and its partners in the Deepwater Horizon project could add billions more dollars to their bills.
In September 2011, Coast Guard officials and federal regulators reported that BP bears the responsibility for the oil spill since it violated federal regulations, didn’t listen to warnings and made bad decisions while cementing the well a mile below the Gulf of Mexico.
If you have been the victim of an oil spill accident, you can receive compensation too. Contact Crowe Arnold Majors, LLP today to learn more about how we can help you get the justice you are entitled to.