Going Back To The Oil Well

Ahead of a trial that was to begin on Monday, oil giant BP has reached a $7.8 billion settlement with Gulf Coast claimants suing the company.  BP is claiming the settlement means these folks will get the money they deserve sooner rather than later...or never.

The estimated $7.8 billion deal struck by BP Plc with businesses and individuals suing over the massive 2010 Gulf of Mexico oil spill could speed up payments to thousands of claimants and offers lawyers a potential windfall in legal fees.

London-based BP announced the deal on Friday with the Plaintiffs' Steering Committee (PSC), which represents condominium owners, fishermen, hoteliers, restaurateurs and others who say their livelihoods were damaged by the April 20, 2010 explosion of the Deepwater Horizon drilling rig and subsequent oil spill.

The settlement, which delayed a giant trial that had been set to get underway in a New Orleans federal court on Monday, is a step by BP toward resolving its liability in the case, which stretches into the billions of dollars. However, the deal does nothing to settle charges brought by the biggest player in the trial: the U.S. government.

And that's the big problem for BP.   The federal trial is still going forward.

Well, unless the GOP gains control of the Justice Department.  You have a say in that as a voter.  If you think President Obama's been soft on BP, the GOP will not exactly bring them to justice.