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BP settlement announced last week

An announcement was made Thurs., July 2, by Alabama Attorney General Luther Strange that British Petroleum will pay $1 billion to the State of Alabama for economic damages and $1 billion for natural resource damages incurred during the 2010 Gulf oil spill.

The announcement was made along with Governor Robert Bentley. The economic settlement will be paid into the state’s economic fund over the next 18 years; however, the allocation of the funds is to pending decision.

Strange celebrated the awarding of these funds to the state.

“Five years ago when I took over the State’s case against BP, I promised to make the State of Alabama whole and to do so without spending a penny on outside counsel. Today, I am pleased to announce that both goals have been accomplished. This is a remarkable achievement for our state and a tremendous legacy for the future.”

Strange was appointed in January 2011 to serve as the Coordinating Counsel in the case, which has been suggested to be the most significant economic damages case handled by the attorney general’s office. Although the trial was slated to begin in 2016, Strange announced earlier this year that Alabama had been chosen as the first state to receive a jury trial against BP.

Strange highly praised his team for their work, with special appreciation to Special Deputy Attorney General Corey Maze.