BP and lawyers for planitiffs in the class action Macondo oil spill lawsuit Wednesday filed a 354-page proposed final settlement for part of he consolidated federal Macondo damages case being heard in a New Orleans federal court.
The terms and $7.8 billion total amount in the final settlement document were the same as that in the preliminary proposed settlement. The proposed final settlement would cover many categories of parties suffering loss or damage, including individuals and businesses, local governments, and vessels involved in the cleanup, according to the filing.
The total settlement amount would be paid out of the $20 billion already allocated to the claims trust created in the wake of the April 2010 disaster.
Further documents related to the proposed settlement will be filed through the summer. An opt-out period will expire on October 1, and a fairness hearing would be scheduled for November 8.
