BP Reaches $7.8 Billion Gulf Spill Settlement

BP agreed to a tentative settlement with attorneys representing private individuals and companies that are suing BP for economic and medical claims related to the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. Details of the March 2 settlement have not been made public, and its terms must still be approved by the judge overseeing the case. The agreement was reached on the eve of a trial set to resolve claims. BP downplayed the significance of the settlement to its operations, saying these funds had already been set aside in a $20 billion trust established to cover Gulf claims. Some $2.3 billion of the amount is expected to address seafood industry claims. BP, however, has yet to face likely actions by the Department of Justice and five states over accident damage claims, as well as possible government fees and penalties for regulatory violations.