Judge approves settlement in BP oil spill lawsuit

Judge approves settlement in BP oil spill lawsuit

Credit: AFP/Getty Images

A sign for a BP filling station is pictured in central London on October 30, 2012. BP posted earnings far stronger than expected and hiked its dividend as the British energy giant prepared for a new Russia adventure after being rocked by the devastating Gulf of Mexico oil spill. AFP PHOTO / CARL COURT (Photo credit should read CARL COURT/AFP/Getty Images)

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by JANET McCONNAUGHEY

AP

Posted on December 21, 2012 at 8:51 PM

NEW ORLEANS (AP) -- A federal judge has given final approval to BP's settlement with businesses and individuals who lost money because of the 2010 Gulf of Mexico oil spill.

BP PLC estimates it will pay $7.8 billion to cover economic and medical claims from more than 100,000 businesses and individuals.

U.S. District Judge Carl Barbier approved the settlement in a 125-page ruling Friday.

He wrote that the settlement is fair, reasonable and adequate - and no objection has proved otherwise.

Barbier has not ruled on the medical settlement for cleanup workers and others who say exposure to oil or dispersants made them sick - just on economic and property damage settlements.

The settlement covers people and businesses in Louisiana, Mississippi, Alabama and some coastal counties in eastern Texas and western Florida.

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