BP agrees to pay $7.8 billion in Macondo settlements

04/30/2012
BP PLC agreed to pay $7.8 billion in settlement agreements with the Plaintiffs' Steering Committee (PSC) to resolve most of the private economic loss, property damage, and medical claims stemming from the Macondo well blowout. The April 20, 2010, blowout trigged an explosion and fire on Transocean Ltd.'s Deepwater Horizon semisubmersible, killing 11 crew members. The incident caused a massive oil spill in the Gulf of Mexico off Louisiana. Along with motions seeking preliminary approval from a federal judge in New Orleans for the settlements, BP also requested a delay in any liability trial about remaining disputes. PSC will not oppose the request, BP said in an Apr. 17 news release. The s...
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