Tags: bp | oil | MDL

BP Delays Oil Spill Trial, Presses for Settlements

Sunday, 26 Feb 2012 04:10 PM

BP PLC has delayed the start of hearings in litigation related to its Gulf of Mexico oil spill for a week to allow more time to cut a deal with individuals and businesses affected by the disaster.

The Deepwater Horizon Multi-District Litigation (MDL) trial, which was due to start on Monday, will now begin on March 5, BP said in a statement on Sunday.

"BP and the PSC are working to reach agreement to fairly compensate people and businesses affected by the Deepwater Horizon accident and oil spill," BP said.

A spokeswoman declined to give further details on the talks.

BP said earlier this month it had made a $6.1 billion provision to cover claims from hoteliers, fishermen and others who suffered losses due to the oil spill.

However, plaintiffs' lawyers say the provision does not cover the actual losses their clients have suffered.

Also, BP said its provision excluded any amount for punitive damages, which some claimants are seeking and which BP says are not warranted.

The London-based oil giant said there could be no certainty the talks would lead to a deal.

The MDL also includes lawsuits from the Department of Justice that could lead to fines in excess of $20 billion.

© 2017 Thomson/Reuters. All rights reserved.

 
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2012-10-26
Sunday, 26 Feb 2012 04:10 PM
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