US judge approves settlement for BP class-action oil-spill suit

22 December 2012 03:11  [Source: ICIS news]

HOUSTON (ICI)--A judge approved on Friday an economic- and property-damage settlement agreement between BP and several people and businesses, who sued the company following the Deepwater Horizon oil spill.

The order approving the settlement did not specify how much BP would pay in total. However, Bloomberg reported that BP would pay $7.8bn (€5.9bn).

The April 2010 explosion at the Deepwater Horizon rig killed 11 workers.

The fallout from the oil spill resulted in a tangle of court proceedings.

Earlier, BP agreed to pay $4.5bn to settle federal criminal charges in connection with the explosion.

Also, three of BP’s managers also face criminal charges stemming from the oil spill.

($1 = €0.76)

By: Al Greenwood
+1 713 525 2645

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