Both sides have reached a settlement deal in the legal battle over the 2010 Gulf of Mexico oil spill, the largest in U.S. history.
BP estimates that it will need to pay approximately $7.8 billion in the Deepwater Horizon disaster settlement.
“The proposed settlement represents significant progress toward resolving issues from the Deepwater Horizon accident and contributing further to economic and environmental restoration efforts along the Gulf Coast,” said Bob Dudley, the CEO of BP.
A group representing the plaintiffs in the case said the settlement “will fully compensate hundreds of thousands of victims of the tragedy.”
“The settlement is to be fully funded by BP, with no cap on the amount BP will pay,” the group added.
U.S. District Court Judge Carl Barbier wrote in an order that the two sides have “reached an agreement on the terms of a proposed class settlement which will be submitted to the court for approval.”
A civil trial on the issue was scheduled to take place in Louisiana federal court.
Eleven people were killed in the explosion.
More in the video below.
- You: Gulf Oil Spill Plaintiffs and BP Reach a Settlement (nytimes.com)
- BP reaches huge £4.9bn oil spill deal (thesun.co.uk)
- BP Strikes Settlement Over Gulf Oil Spill (huffingtonpost.com)