BP has reached a settlement with the Plaintiffs' Steering Committee (PSC), subject to final written agreement, to resolve the substantial majority of legitimate economic loss and medical claims stemming from the Deepwater Horizon accident and oil spill. The PSC acts on behalf of individual and business plaintiffs in the Multi-District Litigation proceedings pending in New Orleans.
BP estimates that the cost of the proposed settlement, expected to be paid from the US$20bn Trust, would be approximately US$7.8bn. This includes a BP commitment of US$2.3bn to help resolve economic loss claims related to the Gulf seafood industry.
Prior to the proposed settlement, BP had spent more than US$22bn toward meeting its commitments in the Gulf. BP has paid out more than US$8.1bn to individuals, businesses and government entities. In addition, BP has spent approximately US$14bn on operational response.