Unprecedented BP Oil settlement for Gulf coast states - MSNewsNow.com - Jackson, MS

Unprecedented BP Oil settlement for Gulf coast states

The April 20, 2010 spill killed 11 workers and spewed millions of gallons of crude into the Gulf. (THE ASSOCIATED PRESS PHOTO) The April 20, 2010 spill killed 11 workers and spewed millions of gallons of crude into the Gulf. (THE ASSOCIATED PRESS PHOTO)
JACKSON, MS (Mississippi News Now) -

One of the worlds largest corporations has come to the table and settled up with $18.7 billion to 4 gulf coast states. This ends years of litigation with BP Oil and Mississippi officials said it ensures a long lasting recovery following the disastrous Deepwater Horizon oil spill.

Attorney General Jim Hood met with the media Thursday.

"I think we just held one of the worlds largest corporations accountable for acts that they short-cutted the system," said Hood. "They tried to drill that well too cheap they knew better. The federal government held them accountable on the criminal side."

The governor and attorney general broke down where the $2.1 billion dollars will go. 
 
"This is unprecedented you know," said Hood. "It's as I said, there's not many lawyers that get to negotiate a $2 billion dollar case," 

 Millions are earmarked to restore the coastline back to it's natural state prior to the 2010 oil rig explosion. Seven-hundred-and-50-million is for economic damages.

"I think on the economic side, I think we got 7 times that we started out, what we thought initially the damage was worth," said Hood. "Then when we started looking, we thought yes, we can justify that."

The first payment of $150 million is due in December. That sum will be appropriated by lawmakers when they come back in session.

BP Agreement in Principal Funding

Copyright 2015 MSNewsNow. All rights reserved.

Powered by Frankly