BP Reaches Nearly $8 Billion Gulf-Spill Settlement

Fire at BP oil rig. (U.S. Coast Guard/Getty Images) Photo: U.S. Coast Guard/2010 U.S. Coast Guard

Almost two years on, BP is still facing tens of thousands of claims relating to the devastating oil spill at its Deepwater Horizon rig. But a late-night deal reached yesterday between the company and plaintiffs’ lawyers, worth some $7.8 billion, should resolve many of the remaining claims. The money will come from a special compensation fund BP set up in the wake of the spill, from which over $6 billion has already been paid out. But the oil giant is still likely to face billions more in damages and fines from the federal government, which is not covered by yesterday’s settlement.