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The Deepwater Horizon explosion and oil spill resulted in an onslaught of litigation. Litigation commenced almost immediately after the explosion and oil spill. By May 27, 2010, Transocean, which owned the Deepwater Horizon, said in testimony before the U.S. House Judiciary Committee that it was defendant in 120 lawsuits, of which more than 80 were class actions seeking payment for financial ...
For the fund's payments, BP said it would cut its capital spending budget, sell $10 billion in assets, and drop its dividend. [1] [8] After provisions of the Deepwater Horizon Oil Spill Trust were released 11 August 2010, it was revealed that the BP Spill Fund may be backed by future drilling revenue, using BP's production as collateral. [9]
In April 2014, the parties reached a $5.15 billion settlement in what was at the time the largest environmental contamination settlement in American history. [39] [2] Since then the total amount for the complete and comprehensive cleanup of the BP DeepWater Horizon incident has passed $60 billion. [citation needed]
In the 2015 settlement, Takeda agreed to pay $2.4 billion while arguing the benefits of Actos far outweighed the risks, justifying its decision to continue selling the drug. ... Amount: $160 million
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In July 2013, BP made a motion in court to freeze payments on tens of thousands of claims, arguing inter alia that a staff attorney from the Deepwater Horizon Court-Supervised Settlement Program, the program responsible for evaluating compensation claims, had improperly profited from claims filed by a New Orleans law firm.
This article covers the effect of the Deepwater Horizon disaster and the resulting oil spill on global and national economies and the energy industry.. Weeks after the event, and while it was still in progress, the 2010 Deepwater Horizon oil spill was being discussed as a disaster with far reaching consequences sufficient to impact global economies, marketplaces and policies.