Current Status of BP and
Deepwater Horizon Settlement Agreements
~ BP has reached agreements with the Plaintiffs' Steering Committee (PSC) in MDL 2179 to resolve the substantial majority of eligible private economic loss and medical claims stemming from the Deepwater Horizon accident and oil spill.
~ On May 2, 2102, the Court granted preliminary approval to the two settlement agreements, one resolving economic loss and property damage claims and the other resolving medical claims.
~ On November 8, 2012, the Court will hold a fairness hearing to determine whether to grant final approval to the proposed settlement.
~ Some economic loss and property damage claims have been paid, others are in dispute.
~ A new Court Supervised Settlement Program will open on June 4, 2012 and will operate under the frameworks established by the economic loss and property damage settlement agreement. The Settlement Program will replace the transition process that has been in effect since March 8, 2012 and is currently evaluating and paying claims.
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