BP Reaches $7.8B Settlement

    FILE - In this June 26, 2010 file photo, oil from the Deepwater Horizon oil spill  is seen floating on the surface of the water in Bay Jimmy in Plaquemines Parish, La. As the Gulf oil spill gushed out of control this summer, BP's financial liabilities expanded so rapidly that experts wondered if the company had drilled its last well. Only months later, though, the British oil giant has pulled itself back from the brink. (AP Photo/Gerald Herbert, File)

    Gerald Herbert / AP Photo

    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.

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