BP and the state of Louisiana have reached a settlement agreement to resolve long-standing coastal litigation tied to the Deepwater Horizon oil spill.
Under the terms of the agreement, BP will pay Louisiana a $350 million lump-sum amount early to settle outstanding damages. The deal successfully closes the chapter on remaining legal disputes and coastal cases stemming from the catastrophic offshore disaster.
State and corporate leaders noted that the resolution brings finality to the prolonged litigation, allowing both parties to move forward following the environmental and economic impacts of the spill in the Gulf of Mexico.
