BP has reached an agreement in principle with the United States, state, and local governments for a settlement of civil claims arising from the Deepwater Horizon oil spill in the Gulf of Mexico on 20 April 2010.
The total value of the settlement looks set to top US$18.7bn, the largest settlement with a single entity in American history.
In a statement, Attorney General Loretta E. Lynch, said: “Since the Deepwater Horizon oil spill – the largest environmental disaster in our nation’s history – the Justice Department has been fully committed to holding BP accountable, to achieving justice for the American people and to restoring the environment and the economy of the Gulf region at the expense of those responsible and not the American taxpayer.”
It was back in December 2010 that her predecessor, Attorney General Eric Holder, announced a civil lawsuit against BP and its co-defendants.
Attorney Lynch added: “Today, I am pleased to say that after productive discussions with BP over the previous several weeks, we have reached an agreement in principle that would justly and comprehensively address outstanding federal and state claims, including Clean Water Act civil penalties and natural resource damages.”
The plan now is to move to incorporate the agreement in principle into a consent decree over the next several months, which would then undergo public comment before court approval.
If approved by the court, Attorney Lynch said that the settlement will help repair the damage done to the Gulf economy, fisheries, wetlands and wildlife, bringing lasting benefits to the Gulf region for generations to come.
