The Deepwater Horizon litigation arose from the huge oil spill in the Gulf of Mexico, in 2010 by British Petroleum (BP). Finally, BP has now decided to put an end to the Deepwater Horizon litigations by paying Pelham a hefty amount of $106,760.
The Pelham City Council had a meeting recently to decide the terms and conditions to accepting the settlement offer made by BP and other involved parties. This settlement would free BP and other involved parties from any further claims related to the oil spillage incident in 2010.
The Deepwater Horizon has caused BP to undergo a $18.7 billion settlement being one of BP’s biggest settlements yet. Pelham city is to receive a payment of $106,760 from BP exploration and production Inc. Of this amount, fifteen percent accounts for the attorney, Gulas Law Firm’s fees and a $1000 for additional expenses incurred by the firm.
The city council has till the 15th of July, 2015 to make an approval of the offer made to Pelham. All matters regarding the settlement had to be kept confidential as ordered by the judge.
Other affected cities were Alabama, Florida, Louisiana, Mississippi and Texas. These cities were to receive a settlement of up to 1 billion to relieve BP of claims made by over 400 local government authorities.
It was announced earlier that Alabama would be receiving $2.3 billion in settlements with BP for the environment and economical damages caused by the Deepwater Horizon oil spillage. $1 billion is to be paid as compensation for the economic damages over a period of eighteen years and another $1.3 billion for the environmental damages.
Earlier this week the Birmingham City Council agreed to a settlement of up to $1 million for the economic losses caused by the oil spillage.
Environmentalists are still concerned as how much all these handful monetary compensations will benefit the wounded mother nature.
