Judge Approves BP Oil Spill Settlement for Economic & Property Damage

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A federal judge granted final approval to a portion of the BP oil spill class action lawsuit settlement that will provide $7.8 billion to businesses and individuals that lost money due to the 2010 Gulf of Mexico oil spill.

More than 100,000 businesses and individuals will share in the $7.8 billion BP class action lawsuit settlement, which has no cap — meaning the company could end up paying more or less, depending on how many people file claims.

U.S. District Judge Carl Barbier certified the Economic and Property Settlement Class and granted final approval to the Economic and Property Damages Settlement on December 21.

“None of the objections, whether filed on the objections docket or elsewhere, have shown the settlement to be anything other than fair, reasonable, and adequate,” Barbier wrote in his decision.

Thousands of people opted out of the BP settlement after its preliminary approval in May to pursue their cases individually. However, more than 1,700 changed their minds and asked to be added back in by the December 15 deadline, Barbier said.

Barbier did not rule on the medical class and settlement for cleanup workers and residents who say they became ill after being exposed to the oil or chemical dispersants.

The BP oil spill Economic & Property Damages settlement covers those who suffered economic harm or property damage in the following categories:

Seafood Compensation Program
Individual Economic Loss
Individual Periodic Vendor or Festival Vendor Economic Loss
Business Economic Loss
Start-up Business Economic Loss
Failed Business Economic Loss
Coastal Real Property Damage
Wetlands Real Property Damage
Real Property Sales Loss
Subsistence Loss
VoO Charter Payment
Vessel Physical Damage

The deadline to file a claim for the class action lawsuit settlement is April 22, 2014 or six months after the Effective Date, whichever is later.

BP has reported already begun paying claims and is doing so “in an impressive fashion,” Barbier wrote. The claims administrator processed 4,500 claims a week in November and has authorized nearly $1.4 billion in payments.

Further details on how to file a claim for the BP Oil Spill Class Action Lawsuit Settlement can be found in our Open Lawsuit Settlements section. You can also learn more by visiting www.DeepwaterHorizonSettlements.com.

UPDATE 1: Payments from the Deepwater Horizon Oil Spill Class Action Settlement have been suspended as of Dec. 2, 2013.

UPDATE 2: On Jan. 10, 2014, the U.S. Appeals Court upheld approval of the Deepwater Horizon class action settlement, rejecting BP’s and objector’s arguments that the deal is unfair or that claims are being improperly paid.