On March 2, 2012, a fund of $7.8 billion dollars was created by BP under court supervision of Federal Judge Carl Barbier.

Photo credit: NOAA's National Ocean Service CC BY

On March 2, 2012, a fund of $7.8 billion dollars was created by BP under court supervision of Federal Judge Carl Barbier. It’s worth noting that there is NO cap placed on this amount. If BP needs to pay more than $7.8 billion to compensate businesses and individuals who have incurred losses because of the oil spill, they are obliged to add money to the settlement fund.

The settlement will pay both economic loss claims to both business and individuals that were a result of the oil spill. In addition, property owners in the scat line (Property adjacent to the coast) will be entitled to additional compensation. Lastly, individuals who suffered medical problems associated with the oil spill can now recover compensation.

For more information about the current settlement or about the BP Oil Spill litigation, contact Spencer Doody at the Law Office of Martzell, Bickford & Centola: (504) 581-9065.