BP in talks on $14B oil-spill accord: Bloombergfrom MarketWa

[admin]

BP in talks on $14B oil-spill accord: Bloomberg
from MarketWatch.com - MarketPulse
TEL AVIV (MarketWatch) -- BP PLC, the U.K. integrated oil giant, is negotiating a $14 billion settlement of claims by plaintiffs who say that the spring 2010 Gulf of Mexico oil spill harmed their businesses and properties, people familiar with the talks told Bloomberg News. BP earlier had set up a $20 billion fund for out-of-court settlements, saying that it would enable victims of the oil spill to be compensated more quickly than they would be through the courts, Bloomberg reported. Under the new plan, the $14 billion remaining in that fund would be shifted to lawsuit plaintiffs, Bloomberg reported. BP and the plaintiffs said in a Sunday statement that the U.S. District Court in New Orleans delayed a trial that was due to begin Monday to give the two sides time to reach accord. The April 2010 Macondo well failure prompted the largest oil spill in U.S. history.