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BP Spill Judge Approves Claims Settlement in $7.8 Billion Deal

BP Plc and the lead lawyers representing victims of the 2010 Gulf of Mexico oil spill won approval of the economic and environmental loss portion of a proposed $7.8 billion partial settlement of claims.

The agreement resolves most private plaintiffs’ claims for economic loss and property damage related to the explosion of the Deepwater Horizon oil rig and subsequent spill. It doesn’t cover suits brought by the U.S. government and the states of Alabama and Louisiana over the largest offshore oil spill in U.S. history.