BP Settles, Soars, Sours
Lawyers reach settlement to cover claims
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.