|December 22, 2012
Company estimates it will pay $7.8bn to 100,000 people and business who lost money because of April 2010 well blowout.
A federal judge gave final approval to BP's settlement with businesses and individuals who lost money because of the 2010 oil spill in the Gulf of Mexico.
BP PLC has estimated it will pay $7.8bn to resolve economic and medical claims from more than 100,000 businesses and individuals hurt by the nation's worst offshore oil spill. The settlement has no cap; the company could end up paying more or less.
US district judge Carl Barbier, who gave his preliminary approval in May, made it final on Friday in a 125-page ruling released Friday evening. "None of the objections, whether filed on the objections docket or elsewhere, have shown the Settlement to be anything other than fair, reasonable and adequate," he wrote.
BP and attorneys for the plaintiffs said they were pleased.
"We believe the settlement, which avoids years of lengthy litigation, is good for the people, businesses and communities of the gulf and is in the best interests of BP's stakeholders," company spokesman Scott Dean said. "Today's decision by the court is another important step forward for BP in meeting its commitment to economic and environmental restoration efforts in the gulf and in eliminating legal risk facing the company."