BP Proposes a $7.8 Billion Gulf Oil Disaster Settlement

Published Mon, Mar 5th, 2012   Wall Street Daily Research

A proposed settlement has been reached between BP (NYSE: BP) and plaintiffs suing over the Gulf of Mexico 2010 oil spill disaster.

The deal, estimated at $7.8 billion, comes three days ahead of the scheduled trial. Plaintiffs include clean-up workers, fishermen, and various affected businesses and individuals. However, BP has been careful to point out that the settlement is not an admission of liability.

Additional claims against BP by the U.S. government, drilling partners and Gulf states are pending.