BP has reached a settlement with hundreds of thousands of businesses and individuals along the Gulf Coast who had sued the company after the massive oil spill in 2010. According to the Times, the settlement
will replace all the animals and organic matter laid to waste from the spill and will restore the ocean to the condition it was in prior to the spill will pay up to $7.8 billion in claims. This represents the "upper limit" of the cost of the settlement, because the company contends that it has already paid $8 billion to claimants and another $14 billion on cleanup. BP made over $15 billion in nine months last year.
Luckily for this giant, fragile, beautiful marble we all live on, the largest plaintiff in the suit, the federal government, along with state and municipal governments across the Gulf Coast, is not party to the settlement. A former head at the DOJ's environmental crimes unit says that BP would be wise to settle with them too. “BP really needs to reach a settlement with the government," as a trial expose the company's mistakes and could potentially bleed billions more from its coffers.