BP and plaintiffs suing over the 2010 Gulf of Mexico oil spill are said to be in talks for a $14 billion settlement funded by monies originally set aside by the company for out-of-court settlements, according to a report Monday by Bloomberg.
According to the Bloomberg report, which cites at least three sources close to the deal, BP would shut its $20 billion Gulf Coast Claims Facility GCCF and move the remaining $14 billion to plaintiffs who filed claims contending the spill harmed their businesses and properties.
The GCCF, set up in August 2010, has paid out about $6 billion so far, according to its website.
On Sunday, the civil trial scheduled to start today was postponed until March 5 to give BP and lawyers representing those who say they were injured by the oil spill more time to reach a settlement.
The Biden Administration has given the green light to its eighth offshore wind project with the approval of the 2,600-megawatt New England Wind project located off Massachusetts. With the approval,...
Tokyo-based offshore floating platform expert, MODEC Inc. has announced being awarded the Front-End Engineering and Design (FEED) contract for a new Floating Production, Storage and Offloading (FPSO) system for Shell’s...
Equinor has announced a landmark project labor agreement (PLA) with the Building & Construction Trades Council of Greater New York and Vicinity (BCTC) for the construction of the South Brooklyn...
March 27, 2024
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