BP agrees settlement

Marion Dakers
BP has reached a $7.8bn settlement with more than 100,000 claimants over damage done by the Deepwater Horizon spill almost two years ago.

The firm, which set out the terms of the deal in February, said the plaintiffs’ steering committee thought the agreement was “fair, reasonable and accurate”.

It covers both economic losses and medical claims. The US courts hearing the swathes of legal cases stemming from the disaster will now decide whether to allow the agreement to proceed.

Under the deal, BP expects to pay the settlements from its existing $20 spill trust.