Judge Approves Gulf Oil Spill Settlement

By: Associated Press
By: Associated Press
BP will pay nearly $8 billion to settle economic and medical claims.

FILE - In this April 21, 2010 file image provided by the U.S. Coast Guard, fire boat response crews battle the blazing remnants of the off shore oil rig Deepwater Horizon. British oil company BP said Thursday Nov. 15, 2012 it is in advanced talks with U.S. agencies about settling criminal and other claims from the Gulf of Mexico well blowout two years ago. In a statement, BP said "no final agreement has yet been reached" and that any such deal would still be subject to court approvals. (AP Photo/US Coast Guard, File)

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 PLC estimates it will pay $7.8 billion to cover economic and medical claims from more than 100,000 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 the 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.


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