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U.S. judge approves Transocean civil spill settlement

A BP logo is seen in front of an apartment block near a petrol station in Moscow October 22, 2012. REUTERS/Maxim Shemetov

A BP logo is seen in front of an apartment block near a petrol station in Moscow October 22, 2012.

Credit: Reuters/Maxim Shemetov

Tue Feb 19, 2013 1:11pm EST

(Reuters) - A federal judge on Tuesday gave final approval to Transocean's $1 billion civil settlement related to BP Plc's (BP.N) massive Gulf of Mexico oil spill in 2010.

U.S. District Judge Carl Barbier signed the agreement, according to the court document filed in federal court in New Orleans.

Transocean, which employed nine of the 11 workers killed in the accident, reached a $1.4 billion agreement to settle criminal and civil charges with the U.S. government in January.

Last week, U.S. District Judge Jane Triche Milazzo accepted Transocean's guilty plea for violating the U.S. Clean Water Act along with a $400 million criminal fine for its role in the disaster at BP's Macondo well.

Transocean must still seek a settlement with the plaintiffs committee representing more than 100,000 individuals and business owners claiming economic and medical damages, so the ultimate cost of Macondo to Transocean could end up being higher.

BP is slated to go to trial in federal court in New Orleans on Monday on civil claims stemming from the spill.

(Reporting By Anna Driver; Editing by Brtnard Orr)
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Comments (1)
Theclaimsfacts wrote:
The FACTS are that the PSC has been against the people the whole time. It was all decided with BP and GCCF. It’s their way or the highway. Don’t believe that 95% acceptance rate. It’s under duress and threats by the court not to pursue claims because it will take years. There was NO full recovery. Florida can’t even recover the next season after a hurricane. Why do you people believe Bp?
Bp is threatening city gov over sales tax.. because they did a few ads for Florida and that absolves them of all responsibility? I’ve never been so disappointed in my fellow Americans. Thanks for nothing. No one is standing with us against Bp, no benefit concerts even! lol Well… we’ll understand your frustration when a natural or man made disaster hits you. Do I hear Keystone oil spill anyone?

Feb 19, 2013 9:20pm EST  --  Report as abuse
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