Court documents were filed this morning formalizing Louisiana’s landmark agreement with BP, clearing the way for Louisiana to begin receiving billions of dollars for coastal restoration and economic recovery, Attorney General Buddy Caldwell announced this morning.
The $6.8 billion settlement with Louisiana, first announced in June, represents 36% of the total $18.7 billion settlement BP reached with the federal government and five Gulf states. The settlement announcement came as a federal judge was set to rule on how much BP owed in federal Clean Water Act penalties stemming from the 2010 spill. The settlement is the largest the government has ever reached with a single business entity.
The agreement stipulates that BP will reimburse Louisiana for all of its expenses, including attorneys’ fees and all litigation costs. That reimbursement is in addition to Louisiana’s settlement amounts, Caldwell says.
“Today’s court filings represent the culmination of more than five years of demanding and exhaustive work to hold BP accountable for the economic and environmental damage caused by the Deepwater Horizon spill,” Caldwell says in a news release. “With this recovery, we can move forward to begin rebuilding our coast and repairing the damage caused by this spill rather than dealing with the uncertainty and delays of trial and appeals.”
The filing this morning still requires court approval following a public comment period. Aside from the $6.8 billion settlement, Louisiana had already received about $2 billion from BP stemming from the spill. As stated in July, Louisiana will receive $5 billion for natural resources damages; $1 billion for economic damages; and at least $787 million for civil penalties under the Clean Water Act.
Caldwell’s office has more details on this morning’s announcement.
