Gulf Oil Settlement Fees

A federal judge rules a group of attorneys will divide over $500 million for their work on behalf of people and businesses who suffered economic damage because of BP’s 2010 Gulf oil spill.
The New Orleans judge issued a 42 page ruling spelling out reasons for the award, the result of work on a 2012 settlement that is expected to account for at least 13 billion of the energy company’s spill related costs.
The ruling didn’t specify the number of attorneys involved and said the way in which the money will be allocated will be determined later. He said the award, which was requested by the attorneys, amounts to about 4.3 percent of the settlement. He said that is modest compared to awards in similar cases.