BP, plaintiffs seek approval of $7.8 billion Deepwater Horizon settlement.

Bloomberg News (11/8, Fisk, Feeley, 1M) reports, “BP Plc and the lead lawyers representing victims of the 2010 Gulf of Mexico oil spill are set to ask a judge today to approve a proposed $7.8 billion partial settlement of claims, while attorneys for thousands of plaintiffs seek rejection or modification of the agreement.” Bloomberg explains that BP “reached the agreement in March to resolve most private plaintiffs’ claims for economic loss, property damage and injuries related to the explosion of the Deepwater Horizon oil rig and subsequent spill.” Arguments concerning the agreement are currently being heard in New Orleans by US District Judge Carl Barbier. The article quotes Carl Tobias, who teaches complex litigation law at the University of Richmond in Virginia, as saying, “I’d say the chances are pretty good that the settlement will win the judge’s final approval.”

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