The cost of the proposed settlement, expected to be paid from the company’s $20bn Trust, also includes $2.3bn to help resolve economic loss claims related to the Gulf seafood industry.
BP had already spent more than $22bn towards meeting its commitments in the Gulf and paid out more than $8.1bn to individuals, businesses and government entities with $14bn spent on operational response.
PSC said the settlement will fully compensate hundreds of thousands of victims of the tragedy and will resolve the majority of private economic loss, property damage and medical injury claims stemming from the Gulf Oil Spill.
The settlement will hold BP fully accountable to individuals and businesses harmed by the spill, and are to be fully funded by the company, with no cap on the amount it will pay.
The settlement is subject to reaching definitive and fully-documented agreements within 45 days; should these agreements not be reached, either party has the right to terminate the settlement.
BP and the PSC would then seek the court’s preliminary approval of the settlement, once the definitive and fully-documented agreements are in place.
