Gulf of Mexico Oil Spill Settlement Proceeds
5th May 2012
A US federal judge has given preliminary approval to a proposed class action settlement to resolve $7.8 billion in claims against BP over the 2010 Gulf of Mexico oil spill.
US District Judge Carl Barbier's ruling on Wednesday allows the settlement process to proceed, subject to a "fairness hearing" later this year for final approval.
The deal between BP and a team of plaintiffs' attorneys is designed to resolve more than 100,000 claims by people and businesses who blame the spill for economic losses.