Oil giant BP has agreed to settle thousands of lawsuits stemming from its well blowout in the Gulf of Mexico.
The
deal was announced late Friday and prompted a federal judge in New
Orleans to postpone a Monday trial, but the proposed settlement solves
only one piece of BP’s legal exposure from the worst environmental
disaster in U.S. history.
The settlement would cover only private
plaintiffs — individuals and businesses with either economic losses or
medical claims resulting from the oil spill. BP estimates it will pay
out $7.8 billion to compensate oil spill victims, but there’s no cap on
claims.
Plaintiff Chris Nelson of Bon Secour
Fisheries, a seafood processor on the Alabama Gulf Coast, isn’t yet
sure whether the settlement will satisfy his family’s claim for lost
business. But he’s somewhat disappointed the trial has been delayed.
