Agreement-in-Principle OnlySubject to ModificationFinal Proposed Settlement Subject to Court ApprovalMarch 9, 2012
of Agreement-in-Principle between Plaintiffs and BPPREPARED BY THE MDL 2179 PLAINTIFFS
This summary provides general information regarding the Agreement-in-Principle reached on March
2, 2012 between the Plaintiffs’ Steering
Committee and BP. It is important to keep in mind that:
The Parties to the Agreement-in-Principle are attempting to complete a final Settlement Agreement to be submitted to the Court by April 16, 2012. Details are still being completed by the Parties for inclusion in the final Settlement Agreement. If the Parties are ableto timely complete the final Settlement Agreement and it receives preliminary approval from the Court, then a detailed,court-approved notice program will be initiated and detailed information about the final Settlement Agreement will be available for class members.
This summarizes some aspects of the Agreement-in-Principle. It is not a complete discussion of that Agreement and may be subject to change based upon the terms of the final Settlement Agreement, if it is reached by the Parties.
This Settlement is an enormous victory for Gulf Coast workers, businesses and families.2)
The Settlement does the most good for the greatest number of people
encompassing the wide geographicregion and many types of businesses affected by the BP Gulf Oil Spill.3)
Contrary to what some news outlets have implied, the Settlement has no cap or limit. The only exception isthe Seafood Program for commercial fishing vessel owners, captains and deckhands. BP has agreed to fundthis Seafood Program at $2.3 billion.4)
The Settlement holds BP accountable
and still permits punitive damage and certain assigned claims to bepursued against Transocean and Halliburton..5)
The parties have not had any fee discussions to date and will not have any such discussions until authorized todo so by the Court. The parties contemplate that such discussions will result in an agreement to pay
attorneys’ fees and costs for the Common Benefit of the Class as part of the settlement, over and above theclaimants’ recoveries, subject to Court approval.
Many qualifying claimants may receive greater benefits from the Settlement Claims Programs than from theGCCF (as detailed more fully below).7)
Hundreds of thousands of victims of the BP Gulf Oil Spill will be made whole as a result of this settlement
regardless of whether or not they previously joined the MDL lawsuit or filed a claim with the GCCF.8)
The Settlement is comprised of two separate and distinct class actions: an Economic and Property DamagesClass and a Medical Class, each with its own separate Claims Program.
A claimant might still be obligated to pay fees to an attorney chosen by the claimant to help the claimant prepare, submitand establish his or her own individual claim.