Federal Judge Urged to Approve BP Settlement - KLFY News 10

Federal Judge Urged to Approve BP Settlement

Posted:
MICHAEL KUNZELMAN
Associated Press

NEW ORLEANS (AP) - BP PLC and a team of plaintiffs' attorneys are urging a federal judge to give final approval to a proposed class-action settlement of economic damage claims spawned by the massive 2010 oil spill in the Gulf of Mexico.

U.S. District Judge Carl Barbier is holding a "fairness hearing" Thursday for arguments by lawyers who negotiated the deal and by other plaintiffs' attorneys who object to portions of the agreement.

Barbier has hinted he won't immediately rule from the bench.

BP estimates it will pay $7.8 billion to resolve claims through the uncapped settlement. It doesn't resolve claims by the federal government and Gulf states.

A trial next year is designed to identify causes of BP's well blowout and assign percentages of fault to the companies involved in the disaster.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

11/8/2012 10:36:46 AM (GMT -6:00)

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