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BP reaches $7.8 billion settlement with victims of Gulf oil spill

Petroleum giant still faces claims from the U.S. government and Gulf states

Nearly two years after an offshore explosion leaked almost 5 billion barrels of oil into the Gulf of Mexico, British Petroleum (BP) has reached a $7.8 billion settlement with businesses and individuals who sued over the spill.

The settlement includes hundreds of thousands of plaintiffs whose livelihoods suffered in the wake of the disaster. It will be broken down into two categories of claims: economic and medical. Economic claims include fishermen, hoteliers and others who lost business due to the spill; medical claims will provide financial compensation and ongoing medical consultation to those with spill-related health issues.

Alanna Byrne

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