Reuters: Regulatory News: BP, private plaintiffs settle over Gulf oil spill

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BP, private plaintiffs settle over Gulf oil spill Apr 18th 2012, 14:29 April 18 | Wed Apr 18, 2012 10:29am EDT April 18 (Reuters) - BP Plc on Wednesday said it has reached definitive agreements with well over 100,000 private plaintiffs to resolve claims for economic, property and medical damages resulting from the 2010 Gulf of Mexico oil spill. The London-based oil company said it still believes the cost of the settlement will be $7.8 billion, to be paid from a $20 billion trust it had previously set aside. This coming Friday is the two-year anniversary of the explosion of the Deepwater Horizon drilling rig, which killed 11 workers and triggered the largest U.S. offshore oil spill, after BP's Macondo well ruptured. "BP made a commitment to help economic and environmental restoration efforts in the Gulf Coast," Chief Executive Bob Dudley said in a statement. "This settlement provides the framework for us to continue delivering on that promise, offering those affected full and fair compensation, without waiting for the outcome of a lengthy trial process."

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