Oil Spill Crude Disaster

Nov 8, 2012 11:43 AM by AP

Federal judge urged to approve BP settlement

NEW ORLEANS (AP) - BP PLC and a team of plaintiffs' attorneys are urging a federal judge to give final approval to a proposed class-action settlement of economic damage claims spawned by the massive 2010 oil spill in the Gulf of Mexico.

U.S. District Judge Carl Barbier is holding a "fairness hearing" Thursday for arguments by lawyers who negotiated the deal and by other plaintiffs' attorneys who object to portions of the agreement.

Barbier has hinted he won't immediately rule from the bench.

BP estimates it will pay $7.8 billion to resolve claims through the uncapped settlement. It doesn't resolve claims by the federal government and Gulf states.

A trial next year is designed to identify causes of BP's well blowout and assign percentages of fault to the companies involved in the disaster.

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