"Papers Detail BP Settlement in Gulf Oil Spill"

"The estimated multibillion-dollar settlement between BP and lawyers representing individual and business plaintiffs in the 2010 Gulf of Mexico oil spill was fleshed out on Wednesday in hundreds of pages of motions and exhibits."

"The broad outlines of the agreement in principle reached last month, including an estimated $7.8 billion in payments for economic loss and medical claims, are unchanged in the papers filed in Federal District Court in New Orleans on Wednesday.

The agreements include total fees of $600 million for several hundred of the lawyers involved in the litigation.

'BP made a commitment to help economic and environmental restoration efforts in the Gulf Coast, and this settlement provides the framework for us to continue delivering on that promise,' said Robert W. Dudley, the company's chief executive.

BP said that it had spent $14 billion responding to the spill and $8 billion in payments to individuals and businesses so far."

John Schwartz reports for the New York Times April 18, 2012.

SEE ALSO:

"Oil Spill Commission Action Group Gives Congress Low Grades For Regulatory Reform On Drilling" (Huffington Post)

"BP Oil Spill Settlement: Justice for 100,000 Gulf Coast Victims?" (Christian Science Monitor)

Source: NY Times, 04/19/2012