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COMPENSATION BP Reaches $7.8B Settlement Gerald Herbert / AP Photo

BP Reaches $7.8B Settlement

BP has reached a $7.8 billion settlement with businesses and victims of the 2010 Deepwater Horizon explosion that spilled millions of barrels of oil into the Gulf of Mexico. In a statement yesterday, BP said the settlement will be paid to victims out of a $20 billion trust, covering most claims for economic loss, property damage, and medical injuries. A U.S. District Judge in New Orleans announced that the the first phase of the trial, which was scheduled to start March 5 to determine which companies were liable for the spill, would be adjourned indefinitely until the next steps were worked out.

March 3, 2012 7:40 AM