BP, Louisiana agree to $350 million Deepwater Horizon settlement payout, resolve coastal cases
BP•BP agreed to pay Louisiana a lump sum of $350 million to resolve claims over the 2010 Deepwater Horizon oil spill and settle coastal damage litigation by local parishes. The state had been owed $373 million over the next seven years.
1. Settlement terms
BP said the deal provides Louisiana an accelerated, lump-sum $350 million payment and resolves remaining coastal zone lawsuits by Louisiana parishes. In 2015, BP agreed to pay up to $18.7 billion to the federal government and five states over claims arising from the spill, including $4.9 billion payable to states over 18 years.
2. Governor’s comment
Louisiana Governor Jeff Landry said the state had disposed of claims and settled with all but one of the major defendants in the coastal cases.
