BP Plc (BP/) and the lead lawyers representing victims of the 2010 Gulf of Mexico oil spill won approval of the economic and environmental loss portion of a proposed $7.8 billion partial settlement of claims.
The agreement resolves most private plaintiffs’ claims for economic loss and property damage related to the explosion of the Deepwater Horizon oil rig and subsequent spill. It doesn’t cover suits brought by the U.S. government and the states of Alabama and Louisiana over the largest offshore oil spill in U.S. history.
U.S. District Judge Carl Barbier in New Orleans, who is overseeing litigation over the spill, granted final approval to the settlement yesterday after he considered objections to the accord. Barbier gave preliminary approval in May.
The settlement “provides compensation to class members that appears sufficient” to cover their losses from the spill, Barbier said in his 125-page ruling approving the agreement.