Tuesday, October 23, 2012
Oil giant BP is asking a federal judge to disregard objections from a fraction of claimants and give final approval to a proposed multibillion-dollar settlement for economic damages from the Gulf spill.
BP is joined in the request by plaintiffs' attorneys who helped broker the class-action deal spawned by the 2010 disaster.
In court filings late Monday, BP PLC and plaintiffs' lawyers say the deal should not be derailed by a low number of individuals and businesses objecting or asking to opt-out.
BP estimates it will pay $7.8 billion to resolve claims through the uncapped settlement.
Roughly 200 people and groups have formally objected to the deal, while 983 potential claimants asked to opt out as of Oct. 19.
More than 100,000 plaintiffs could benefit from the deal.