$14 Billion Settlement Deal in the Works in Deepwater Horizon Civil Trial – BLOOMBERG

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February 27, 2012

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.

Full report from Bloomberg HERE.

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