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Multi-Billion-Dollar BP Settlement Outlined in Court Filings

HeadlineApr 19, 2012

The terms of a multi-billion-dollar settlement between oil giant BP and those affected by the 2010 oil spill in the Gulf of Mexico have been disclosed in hundreds of pages of documents filed in federal court. The broad terms of the settlement appear unchanged since the agreement was reached last month. The deal includes an estimated $7.8 billion in payments for economic loss and medical claims to victims of the oil disaster, many of whom are still living with the consequence of the spill. The settlement also includes $600 million in payments to lawyers involved in the massive suit. Friday is the second anniversary of the explosion on the Deepwater Horizon rig that killed 11 workers and sent nearly five million barrels of oil into the Gulf of Mexico.

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