BP may have billions more to pay
BP BP 0.20% is still facing compensation claims filed by tens of thousands of area businesses claiming that they suffered losses as a result of the oil spill.
BP’s recent massive settlement resolved all federal and state claims that came out of the Deepwater Horizon accident and included agreements with five Gulf Coast states — Alabama, Florida, Louisiana, Mississippi, and Texas — as well as more than 400 local governments. BP’s settlement also includes a $5.5 billion civil penalty to be paid over the next 15 years under the Clean Water Act.
The company said in early July that the settlement brings the total amount BP has paid as a result of the 2010 oil spill to $53.8 billion.