BP, Louisiana agree to Deepwater Horizon settlement payout, resolve coastal cases

Oct 23 (Reuters) - BP announced a deal on Friday that provides Louisiana ‌an accelerated, lump-sum $350 million payment to ‌resolve claims over the 2010 Deepwater Horizon oil spill ​and that also settles long-running coastal damage litigation by local parishes.

• BP agreed in 2015 to pay up to $18.7 billion to ‌the federal ⁠government and five states to resolve claims arising out of the oil ⁠spill. That money includes $4.9 billion payable over 18 years to settle economic and other ​claims by ​the states.

• While ​Louisiana had been ‌owed $373 million over the next seven years, the state will now receive a single $350 million payment.

• BP said remaining coastal zone lawsuits by Louisiana parishes will be resolved. ‌It did not provide ​further details.

• "We have now ​disposed of ​claims and settled with all ‌but one of the major ​defendants in ​these coastal cases," Louisiana Governor Jeff Landry, a Republican, said in a ​statement distributed ‌by BP.

(Reporting by Ankita Bora in ​Bengaluru and Nate Raymond in Boston; ​Editing by Joyjeet Das)