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BP Settles, Soars, Sours

Lawyers reach settlement to cover claims

Oil containment booms offshore of the Alabama coast in 2010.

Oil containment booms offshore of the Alabama coast in 2010.

Photo by Dan Anderson

Lawyers for BP oil company and for victims of a massive spill reached a settlement in early March, setting aside $5.8 billion to cover claims.

Despite the price tag, the British firm’s shares sailed up more than 2 percent on news of the settlement.

Immediately after the announcement, however, rifts appeared. Alabama Attorney General Luther Strange said that didn’t address or settle state claims; officials said health claims for problems occurring after the settlement would be handled separately. And lawyers began skirmishing over who gets how much of a fee estimated at millions of dollars.

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