February 13, 2017
On February 13, 2017, Judge Keith Ellison of the United States District Court for the Southern District of Texas granted final approval to the settlement reached between BP and Lead Plaintiffs for the “post-explosion” class. That settlement is in the amount of $175 million, payable during 2016-2017. In granting final approval, Judge Ellison said the following about counsel:
“Let me also say, this has been a long process, I know, more than six years, and I want to reiterate how fortunate I feel to have been — worked with such able lawyers on both sides. It’s been one of the highlights of my career as a Judge. We had difficult issues and even some novel issues, and through it all you provided me with the highest standards both of scholarship and of advocacy and I am grateful. If I can ever do anything for your careers, please — please let me know.”
The settlement covers investors who purchased BP American Depositary Shares between April 26, 2010 and May 28, 2010. This settlement does not resolve other BP securities-related litigation in connection with the Gulf of Mexico oil spill.