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DALLAS, Apr 20, 2012 (BUSINESS WIRE) –Earlier this week a billion dollar settlement was reached between BP and attorneys on the Plaintiffs’ Steering Committee (PSC) in the litigation surrounding the 2010 Gulf Oil Spill. With the two-year anniversary of the Deepwater Horizon explosion on Friday, this news is welcome relief for Gulf coast businesses and individuals. The 2010 Deepwater Horizon explosion killed 11 workers and triggered the largest offshore oil spill in U.S. history. according to the U.S. government, approximately 4.1 million barrels of oil were spilled and never cleaned up. Baron and Budd shareholder Scott Summy serves on the Plaintiffs’ Executive Committee (PEC). “This settlement will provide needed monies to many individuals and businesses in the Gulf Coast who have suffered so greatly,” said Scott Summy. Yesterday’s agreement is expected to pay an estimated $8 billion to resolve economic, property and medical claims by more than 100,000 Gulf-area businesses and individuals. Such a payout would make this one of the largest class action settlements in U.S. history. There is no cap on the total amount that can be paid. according to the settlement, $2.3 billion has been earmarked for commercial fishermen, seafood boat captains and others. Another $57 million will be set aside to promote the Gulf coast in hopes of bolstering tourism and the seafood industry. BP still faces billions of dollars in potential claims from the U.S. government, Gulf-area states and drilling partners Transocean and Halliburton. U.S. District Judge Carl Barbier, who is overseeing the litigation, is scheduled to consider preliminary approval of the settlement in November. not all businesses or individuals may be eligible for compensation under the settlement. Contact Baron and Budd at 1.866.844.4556 or at info@baronbudd.com to find out if you or your business is eligible to file a claim. Learn more about the recent BP settlement at bpsettlementattorney.com . About Baron & Budd, P.C. The law firm of Baron & Budd, P.C., with offices in Dallas, Baton Rouge, Austin, Los Angeles and Miami, is a nationally recognized law firm with a 30-year history of “Protecting What’s Right” for people, communities and businesses harmed by negligence. Baron & Budd’s size and resources enable the firm to take on large and complex cases. The firm represents individuals, governmental and business entities in areas as diverse as water contamination, Gulf oil spill, Qui Tam, California Proposition 65 violations, dangerous medications and medical devices, Chinese drywall, insurance claims, commercial litigation, consumer fraud, securities fraud and asbestos-related illnesses such as mesothelioma. Learn more about the mesothelioma attorneys at Baron & Budd. SOURCE: Baron & Budd, P.C. Baron & Budd, P.C. Susan Knape, 214-629-0596 susan@susanknape.com or Amanda Theaker, 214-991-1051 atheaker@baronbudd.com Copyright Business Wire 2012 Posts Related to BP, Attorneys Reach Landmark Billion Dollar Settlement in Gulf Oil Spill Lawsuit Baron and Budd, Member of the Plaintiffs’ Steering Committee, Announces Settlement in BP Oil Spill Lawsuit DALLAS, Mar 03, 2012 (BUSINESS WIRE) –As a member of the Plaintiffs’ Steering Committee (PSC) spearheading the litigation surrounding the 2010 BP Gulf oil spill, … Baron and Budd Shareholder Bruce Steckler Part of Negotiation Team in $800 Million Chinese Drywall Settlement NEW ORLEANS, Dec 15, 2011 (BUSINESS WIRE) –Baron and Budd shareholder Bruce Steckler was part of the team that helped negotiate a landmark Chinese drywall … Baron & Budd, P.C. Shareholder Bruce Steckler Announces New Settlement Program with KNAUF Plasterboard Tianjin in Chinese Drywall Litigation NEW ORLEANS–(BUSINESS WIRE)–Baron and Budd shareholder Bruce Steckler made an announcement today on behalf on the Plaintiffs’ Steering Committee (PSC) for the Chinese Drywall litigation. … Burton LeBlanc of Baron and Budd Named a 2012 Louisiana Super Lawyer BATON ROUGE, La., Jan 06, 2012 (BUSINESS WIRE) –Burton LeBlanc, the head of Baron and Budd’s Baton Rouge office, is one of only six environmental … Baron and Budd Reaches Settlement with GameStop Regarding Downloadable Content (DLC) and Used Video Games SAN FRANCISCO, Apr 10, 2012 (BUSINESS WIRE) –Yesterday, in the United States District Court for the Northern District of California, Senior District Judge Thelton E. …