BP reaches settlement with Gulf spill victims

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BP reaches settlement with Gulf spill victims
from MarketWatch.com - MarketPulse
BOSTON (MarketWatch) -- BP PLC has reached a settlement with lawyers representing more than 100,000 people and businesses that claimed they were hurt by the 2010 Deepwater Horizon oil spill, the Associated Press reported Wednesday. The proposed agreement has been submitted to a U.S. district court judge in New Orleans for approval. If approved, the class-action settlement, which reportedly does not cap the amount of money BP would have to pay out, would be one of the most costly in history. BP has estimated the claims will amount to around $7.8 billion. BP is still in litigation with other parties over the spill, including the U.S. government, states bordering the Gulf of Mexico, and various business partners that were involved with the Deepwater Horizon drilling rig.