BP, plaintiffs ask judge to approve $7.8 billion oil spill settlement

The class-action deal would reportedly resolve 100,000 claims stemming from economic and physical hardship related to the Deepwater Horizon oil spill

BP Plc and those affected by the devastating 2010 Gulf Oil Spill have been on opposite sides of a courtroom for years. But now the two parties agree on one thing: It’s time to reach a settlement.

The oil and gas giant and lawyers for more than 100,000 individuals and businesses hurt by the spill asked a federal judge Thursday to approve a proposed $7.8 billion settlement in the case. The two sides reached the deal in March, and it subsequently won approval from U.S. District Judge Carl Barbier in May, but Barbier called for a “fairness hearing” to allow claimants to voice possible objections to the settlement.

Alanna Byrne

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