LA to receive several billion dollars as part of massive BP settlement
BP has reached an agreement with U.S. authorities on an $18.7 billion settlement in the 2010 Deepwater Horizon oil spill in the Gulf of Mexico.
Louisiana Attorney General Buddy Caldwell said Louisiana's share of that amount will be $6.8 blllion -- $5 billion for natural resource damages. $1 billion for state economic losses plus about $800 million in Clean Water Act penalties.
The settlement will be paid over next 16 years, Caldwell said.
Caldwell said going to trial would have meant years of litigation and appeals. The settlement allows more immediate action.