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BP will pay out $7.8bn to settle lawsuit with 1000s of individuals from the Gulf of Mexico disaster
http://www.guardian.co.uk/environment/2012/mar/03/bp-settles-gulf-mexico-spill<snip>
BP will pay out $7.8bn (£5bn) to settle a lawsuit with thousands of individuals from the Gulf of Mexico oil disaster, under an agreement reached late on Friday night.
With one major settlement achieved, BP will probably redouble its efforts to reach a deal with the federal government over fines related to the spill.
In a statement late on Friday night, the oil company said it would use the remainder of the $20bn compensation fund raised in the summer of 2010 to settle claims with tens of thousands of shrimp boat captains, condo owners and others who suffered losses in the spill. The company said it had already paid out about $8bn from the fund.
The oil company said the $7.8bn would also include $2.3bn for the Gulf seafood industry.
