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Payback BP Reaches Gulf Spill Settlement U.S. Coast Guard-AP

BP Reaches Gulf Spill Settlement

Nearly two years after a massive explosion brought down the Deepwater Horizon drilling rig and created one of the largest oil spills in history, BP has announced it has settled a class-action lawsuit with thousands of businesses and individuals affected by the tragedy. A federal judge has to approve the settlement, but BP officials estimate that they will be paying out about $7.8 billion in compensation. Roughly $2.3 billion of that will go to the seafood industry. The money will come from the $20 billion trust fund set up to help revive the area.

April 18, 2012 8:00 PM