Oct 23 (Reuters) – BP announced a deal on Friday that provides Louisiana an accelerated, lump-sum $350 million payment to resolve claims over the 2010 Deepwater Horizon oil spill and that also settles long-running coastal damage litigation by local parishes. • BP agreed in 2015 to pay up to $18.7 billion to the federal government […]
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BP, Louisiana agree to Deepwater Horizon settlement payout, resolve coastal cases
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Oct 23 (Reuters) – BP announced a deal on Friday that provides Louisiana an accelerated, lump-sum $350 million payment to resolve claims over the 2010 Deepwater Horizon oil spill and that also settles long-running coastal damage litigation by local parishes.
• BP agreed in 2015 to pay up to $18.7 billion to the federal government and five states to resolve claims arising out of the oil spill. That money includes $4.9 billion payable over 18 years to settle economic and other claims by the states.
• While Louisiana had been owed $373 million over the next seven years, the state will now receive a single $350 million payment.
• BP said remaining coastal zone lawsuits by Louisiana parishes will be resolved. It did not provide further details.
• “We have now disposed of claims and settled with all but one of the major defendants in these coastal cases,” Louisiana Governor Jeff Landry, a Republican, said in a statement distributed by BP.
(Reporting by Ankita Bora in Bengaluru and Nate Raymond in Boston; Editing by Joyjeet Das)