BP Reaches Massive, Multi-Billion Dollar Settlement Over Gulf Oil Spill

deepwater explosion

Photo: US Coast Guard via Wikimedia Commons

Just coming out now, according to AP…In a surprise, late-Friday night development, BP has reached a settlement with a group of plaintiffs over the Gulf oil spill from 2010.

There are very few details at this moment, except that the deal will be worth multiple billions, according to an AP tweet.

Recently a $14 billion offer had been put on the table, according to Bloomberg News:

BP has been in talks with the other parties, including its most formidable opponent — the federal government, two people familiar with the negotiations said. A $14 billion deal with Gulf businesses and property owners has been proposed, three people familiar with the accord said, and the trial was put off a week so talks could continue uninterrupted. Barring a deal by all sides, though, the judge will begin hearing evidence March 5 on whether the companies must pay punitive damages to victims and fines to the government for polluting the Gulf of Mexico.

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