Did The BP Settlement Just Increase By $2 Billion?

Picture of a workerOn October 5th, the U.S. Justice Department announced that BP will have to pay $20.8 billion in the largest environmental settlement in our country’s history. This amount is larger than the $18.7 billion settlement amount announced in July, which leaves many people asking…

Did The BP Settlement Just Increase By $2 Billion?

A five-year legal battle will finally end once the judge signs off on the $20.8 billion settlement. The money is expected to be distributed in various ways among the five Gulf States involved in the lawsuit. Louisiana is slated to get the largest portion of the BP settlement, and we have kept you informed about where the money will be applied in the Lafayette and Calcasieu areas, but what about this extra $2 billion?

Unfortunately, the added $2 billion accounts for payments already paid to help rebuild the Gulf Coast. This addition to the settlement will probably prevent parties that have previously received awards against BP from claiming a part of the $18.7 billion that was agreed to in July. This development probably won’t affect future BP cases unless the party seeking damages against the oil company are ruled to be a part of the large settlement that may soon be finalized.

The lawyers at Galloway Jefcoat understand how the BP oil spill affected everyone on the Gulf Coast, and so we will continue to bring you stories about future BP settlements. We also want you to be informed of your rights as a worker in the Louisiana oil industry, so keep following our blog, Twitter and Facebook to keep up with the latest on keeping Louisiana safe and beautiful.

Galloway Jefcoat LLPPersonal Injury Attorneys in Lafayette, LA

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