Two years after the massive oil spill in the Gulf of Mexico, BP and the steering committee for the private claimants have agreed to settle the multi billion dollar claims for financial, medical and property damages.
The parties have filed the formal terms of the deal in New Orleans federal court, explaining how BP plans to manage the numerous sorts of claims it is facing from hotel operators, condominium owners, restaurateurs, seafood operators and resort owners.
According to BP, the amount that it will pay to settle the claims is not capped.
As per the filing, the plaintiffs can submit their claims in 6 categories: financial loss to a business or individual, a vessel’s physical damage, property damage, subsistence damage, seafood operators’ damages, and payment for those involved in BP Plc’s Vessels of Opportunity program.
