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Gulf oil spill: complex claims unresolved in bp settlement by ferujkll sdff
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Gulf oil spill: complex claims unresolved in bp settlement |
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BP s announcement that it will pay $7.8 billion to compensatethousands of Gulf Coast residents harmed in the Deepwater Horizondisaster ends one chapter of legal wrangling over the 2010 oilspill, but leaves other, potentially far more expensive, issuesunresolved. The tentative deal, announced late Friday, does not address statelawsuits and federal claims under the Clean Water Act and OilPollution Act, which could cost BP as much as $21 billion more. Ithas little to do with efforts to assess the extent of environmentaldamage and to pay for them; that will come later. And BP couldstill face criminal charges related to the oil spill and be barredfrom receiving federal contracts.
The payout agreed to Friday is BP s best estimate of what it willcost to meet outstanding claims, but is not capped and could windup being higher. As of now, though, the amount is significantlyless than many had expected and does not appear to require BP tospend any money that it had not already agreed to pay. Thesettlement will come out of a $20 billion fund set aside in June2010 by BP at the behest of President Obama to cover claims fromdisaster victims. The settlement amounts to less than one-third ofBP s 2011 profits, which were nearly $26 billion. BP officials portrayed the settlement as one of a number ofprograms the company has undertaken to repay Gulf Coast residents,while assuring investors that the company has anticipatedliabilities from the explosion and sinking of the Deepwater Horizonoil rig.
Eleven men died in the accident and more than 200 milliongallons of oil spilled into the Gulf. "From the beginning, BP stepped up to meet our obligations to thecommunities in the Gulf Coast region, and we've worked hard todeliver on that commitment for nearly two years, said Bob Dudley,BP s CEO, in a statement issued Friday night. "The proposedsettlement represents significant progress toward resolving issuesfrom the Deepwater Horizon accident and contributing further toeconomic and environmental restoration efforts along the GulfCoast." Others are already questioning whether the settlement terms arefair, however. The lawsuits were filed mostly by people who sought greater damagesthan were likely to be met by the Gulf Coast Claims Facility, theBP fund that has compensated residents for economic losses sincemid-2010. But because the settlement will be paid out of the samefund, and amounts to a little more than half of what remains in it,it s not yet clear how much plaintiffs will receive or what willhappen to other claimants if the fund runs dry.
A portion of the settlement also will go to lawyers involved in thecase, whereas previously money in the BP fund had gone only toclaimants. How does that advance the ball at all? asked Anthony Buzbee, aHouston attorney representing 12,000 plaintiffs against BP, but whowas not on the committee that negotiated the settlement. Thelawyers on that committee wanted to settle because it means hugefees. Even with Friday s settlement, BP has several significant legaland financial hurdles left to cross. Nearly two years after the disaster, perceptions are still shiftingabout how much damage it has done.
As oil washed ashore on hundredsof miles of coastline and the Gulf s tourism and fishingindustries faltered, President Obama called the spill the worstenvironmental disaster America has ever faced. Since then, someexperts have said the oil dissipated faster than expected and thelong-term harm was less than predicted. Yet even now, tar balls are still turning up on beaches, residentscomplain of health problems due to the spill or chemicaldispersants used to clean it up, and an increasing number ofdolphin deaths have raised biologists concerns. Environmental scientists say it will be years before the trueextent of the disaster can be known, making the next round oflitigation for BP even more complicated. Friday s settlement effectively split off individual claims fromthe thornier issues of assessing and paying for long-termenvironmental damage.
Those questions will begin to be addressed inthe civil suits brought by several states and the U.S. governmentunder the Clean Water Act and Oil Pollution Act alleging BP actednegligently. I am a professional writer from Apparel, which contains a great deal of information about cheap women clothes , stretch lace fabric, welcome to visit!
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