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Judge Approves Settlement in BP Class Action Suit

Posted: Dec 22, 2012 7:49 PM
Updated: Dec 22, 2012 8:23 PM

NEW ORLEANS - 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 in New Orleans, Louisiana approved the settlement in a 125-page ruling on Friday.

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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