The federal government and the Gulf states can jointly decide to expedite civil penalties and payments for damages to natural resources in the event of a change in control or insolvency of BP p.l.c. Carl-Henric Svanberg, Chairman of BP, said: « Five years ago, we committed to restoring the economy and the environment in the Gulf and have worked since then to deliver on that promise. We have made considerable progress and, with this agreement, we are offering BP and the Gulf a closure route. It solves the company`s most significant legal risks, clarifies costs and creates a guarantee of payment for all parties involved. Under U.S. law, there is an established procedure for determining the fairness, adequacy, and suitability of class actions. In accordance with this procedure and subject to the provisional approval of any settlement agreement by the Tribunal, there will be full notification to the public, including through direct advertising, print and radio, as well as a website to explain the settlement agreements, the rights of class members, including the right to opt-out of classes, and complaint procedures. The main payments resulting from the agreements shall be made over a longer period, as provided for in the attached payment plan. « Particularly for the United States and the Gulf, this agreement will provide for many years a significant stream of revenue for the restoration of natural resources and losses related to the oil spill. The transaction agreements presented today are consistent with the terms of the proposed transaction announced last month and, as announced on that date, are not expected to result in an increase in the $37.2 billion charge (including the $20 billion charge on the trust) previously recognized in BP`s annual accounts.
Five years after the Deepwater Horizon accident and spill in 2010, BP entered into tentative agreements to settle all Federal and state claims for the event. BP and the PSC believe that settlement agreements are a fair, appropriate and appropriate solution to claims. As part of the applications for provisional authorization, the parties requested the Tribunal to approve the proposed plans to inform class members of their rights under the settlement agreements and to have held fair hearings. Once these hearings have taken place, the Tribunal will decide whether it is definitively admitted to any settlement agreement. BP also asked the court to postpone the MDL 2179 liability proceeding until it decides on the final approval of the settlement agreements. The PSC will not oppose this request for postponement. Joe Rice, co-founder of Motley Rice, has been active since 2010 in the MDL 2179 negotiating team (In re Oil Spill by the Oil Rig « Deepwater Horizon » in the Gulf of Mexico on April 20, 2010) and is a member of the Complaints Defense Committee (PSC). Motley Rice members John Baden and Fred Baker were also at the heart of the colonization process.
Member Kevin Dean began working with victims in April 2010 and was a member of the GCCF Jurisdiction & Court Oversight Workgroup. Our lawyers continue to play a leadership role in BP litigation. The approval decree is subject to public notices and final judicial authorization. The approval decree and the concordation agreement with the Gulf countries are interdependent and do not take effect unless (1) there is final judicial authorization for the approval decree and (2) local authorities carry out declassifications to bp`s satisfaction. The agreements do not cover the remaining costs of the 2012 class actions with the plaintiffs` steering committee for economic and property damages as well as medical claims. Nor do they cover the rights of individuals and companies that have unsubscribed from the 2012 comparisons and/or whose rights have been excluded. BP will continue to vigorously defend these claims….