Tags: Gulf | oil | BP | settlement

BP to Pay $7.8 Billion in Class Action Suit

Friday, 21 Dec 2012 09:23 PM

 

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A federal judge has given final approval to BP's settlement with businesses and individuals who lost money because of the 2010 Gulf of Mexico oil spill.

BP estimates it will pay $7.8 billion to resolve more than 100,000 claims by businesses and individuals.

U.S. District Judge Carl Barbier approved the settlement in a 125-page ruling Friday.

He wrote that the settlement is fair, reasonable and adequate — and no objection has proved otherwise.

Barbier has not ruled on a medical settlement for cleanup workers and others who say exposure to oil or dispersants made them sick — just on economic and property damage settlements.

The settlement covers people and businesses in Louisiana, Mississippi, Alabama and some coastal counties in eastern Texas and western Florida.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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