BP to pay USD 7.8 billion in Macondo compensation

BP has settled with the group of lawyers representing more than 100,000 plaintiff individuals and companies. And the future holds further damage claims worth billions of dollars, writes Reuters.

The lawsuit concerns economic, property- and medical claims caused by the oil spill at the Macondo well, where the Deepwater Horizon rig was working. The spill caused the equivalent of 4.1 million barrels of oil to leak into the water.

“None of the parties will find all their claims met,” writes the lawyers representing the two parties, but the settlement is “more than fair, reasonable, and appropriate.”

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