BP, private plaintiffs settle

BP Plc on Wednesday said it had reached definitive agreements with well over 100,000 private plaintiffs to resolve claims for economic, property and medical damages resulting from the 2010 Gulf of Mexico oil spill.

The London-based oil company said it still believes the cost of the settlement will be $7.8 billion, to be paid from a $20 billion trust it had previously set aside.

File photo. Credit: REUTERS

This coming Friday is the two-year anniversary of the explosion of the Deepwater Horizon drilling rig, which killed 11 workers and triggered the largest US offshore oil spill, after BP's Macondo well ruptured.

“BP made a commitment to help economic and environmental restoration efforts in the Gulf Coast,” Chief Executive Bob Dudley said in a statement. “This settlement provides the framework for us to continue delivering on that promise, offering those affected full and fair compensation, without waiting for the outcome of a lengthy trial process.” - Reuters