Houston-based Halliburton has agreed to settle the majority of plaintiffs’ class claims related to the 2010 BP oil disaster for $1.1 billion.
The settlement, which includes legal fees, must still be approved by the United States District Court for the Eastern District of Louisiana. The money will be paid into a trust in three installments over the next two years. The money will remain in the trust until all appeals have been resolved.
The settlement covers claims for damages to property or the commercial fishing industry.
In late July, Halliburton pleaded guilty to destroying evidence related to the 2010 BP oil disaster and agreed to pay $55 million to the National Fish and Wildlife Foundation.