It’s obvious why BP wants a settlement but why would those impacted settle? BP wants nothing more than to have a cap on the payouts so their books and their shareholders can have closure, but for everyone else, there’s no reason to think the problems will end just because a settlement is reached. Environmental problems – which impacts the fishing industry along with tourism – is likely continue for decades. If there’s a settlement and the money runs out, what happens? Unless there are clauses in the final settlement to take this into account, there should be no reason to settle. Bloomberg:
BP Plc (BP/) is negotiating with U.S. officials to settle pollution claims over the 2010 Gulf of Mexico oil spill that may leave the company liable for as much as $17.6 billion in fines, a person familiar with the talks said. The government cited the energy company with violations of the federal Clean Water Act for the offshore spill, the biggest in U.S. history. Officials are seeking fines of as much as $4,300 for each of the 4.1 million barrels spilled after the explosion of the BP-leased Deepwater Horizon oil rig.