A federal judge has imposed a 25 percent cap on contingency fees for attorneys whose clients resolve their claims against BP over the 2010 oil spill in the Gulf of Mexico through a multibillion-dollar settlement agreement.
U.S. District Judge Carl Barbier's ruling Friday says lawyers who believe they deserve more than 25 percent of a client's settlement award can petition him for a departure from the cap.
The order doesn't apply to a separate agreement for BP to pay up to $600 million in fees, costs and expenses to a team of plaintiffs' attorneys who brokered the settlement agreement.
Barbier has given his preliminary approval to the deal, which would resolve more than 100,000 claims by people and businesses who blame the spill for economic losses.
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