Halliburton to pay $1.1 billion as part of settlement in 2010 Gulf oil spill

HOUSTON (AP) - Halliburton says it has agreed to pay $1.1 billion to settle a substantial portion of plaintiff claims arising from the 2010 Gulf of Mexico oil spill.

The settlement, which is subject to court approval, will be paid into a trust until appeals are resolved over the next two years.

Halliburton was BP PLC's cement contractor on the drilling rig that exploded in the Gulf in April 2010, killing 11 workers and triggering the largest offshore oil spill in U.S. history.

The deal will settle claims assigned to Halliburton as a result of BP's settlement in 2012 and punitive damages from the loss of property or commercial fishing activity resulting from the oil spill.

The settlement includes two classes of eligible claimants. The first class is comprised of individuals and businesses that are class members in the existing BP Deepwater Horizon Economic and Property Damages Settlement.  

As part of the settlement with BP, these class members were assigned certain of BP's claims and causes of action against HESI.  The settlement with HESI resolves these "assigned" claims and provides additional benefits to members of the BP Economic and Property Damages Settlement Class.   

The second class is a new HESI Punitive Damages Settlement Class that includes any individual, business (including fishermen and charter boat operators), property owner, or governmental entity (excluding both state and federal government) that is deemed to have Robins Dry Dock standing under General Maritime Law.  

For the purposes of this settlement, this applies to commercial fishermen and charter boat operators that were in business at any time between April 20, 2009 and April 18, 2012; property owners, businesses and local governments that had oil touch their real estate or personal property any time between April 20, 2010 and April 18, 2012; and individuals that fished or hunted in specified areas and depended on their catch for subsistence, barter or trade.  

A claimant does not have to be a member of the BP Economic and Property Damages Settlement Class to receive benefits if they qualify as a Punitive Damages Settlement Class member.  

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