Most eligible parties will accept BP spill deal, claims head says

BP’s multibillion-dollar settlement with individuals and businesses affected by the 2010 Gulf of Mexico oil spill doesn’t appear to be in jeopardy as more than 90% of those eligible are expected to accept the deal, the claims administrator says. Lafayette attorney Patrick Juneau, who took over the processing of victims’ claims from Kenneth Feinberg in June, tells The Houston Chronicle that only about 100 to 200 claimants had opted out of the deal as of last week. The figure is important because BP’s agreement with lawyers for plaintiffs allows the oil giant to withdraw from the deal if too many claimants opt out; BP has not said what that threshold is. Those who don’t opt out by a Nov. 1 deadline are part of the class action settlement and cannot pursue separate lawsuits. U.S. District Judge Carl Barbier of New Orleans, who tentatively approved the deal, has set a hearing to begin Nov. 8 in federal court in New Orleans to assess whether it is fair. Barbier then will decide whether to give it final approval. BP has estimated it will pay $7.8 billion in the settlement, although the deal doesn’t place a cap on damages. Fishermen, other Gulf workers and the attorneys general in Mississippi and Louisiana have objected to elements of the proposed settlement. The full story is available here.