Monday, May 7, 2012

Judge Gives Preliminary Approval to $7.8B BP Settlement

Judge Barbier rejected numerous objections and gave preliminary approval to the BP Settlement last week. The settlement is estimated by BP to be worth $7.8 billion.  Notably, as part of the agreement, BP is going to pay the attorneys' fees and costs of the plaintiffs' steeting committee.  (Of course, plaintiffs remain responsibile for their own individual attorney's fees).   The Court Supervised Settlement Program is scheduled to begin June 4th.  Louisiana lawyer Patrick Juneau will be handling the economic damages payments, and the Garretson Resolution Group will be handling the medical claims.  

The National Law Journal has the full story behind a free registration wall.  Times-Picayune also has detailed coverage, as does the Financial Times.

- SBS

http://lawprofessors.typepad.com/tortsprof/2012/05/judge-gives-preliminary-approval-to-78b-bp-settlement.html

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