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Gulf Oil Spill-Settlement
Tue April 17, 2012
Judge Extends Deadline for BP Oil Spill Settlement
NEW ORLEANS (AP) — A federal judge has extended a deadline for BP and a team of plaintiffs' attorneys to file details of a proposed settlement designed to resolve billions of dollars in economic damage claims spawned by the 2010 oil spill in the Gulf of Mexico.
The company and lawyers representing more than 100,000 individuals and businesses were expected Monday to ask U.S. District Judge Carl Barbier in New Orleans to give preliminary approval to the settlement agreement.
Early Monday evening, Barbier extended the deadline to Wednesday morning.
London-based BP PLC estimates it will pay about $7.8 billion to resolve private party claims, but the proposed settlement doesn't have a cap.
The agreement announced March 2 doesn't resolve separate claims brought by the federal government and Gulf states against BP and its contractors.