BP, Gulf Coast victims settle for $7.8 billion

The Associated Press is reporting that BP has settled with Gulf Coast residents and businesses for $7.8 billion. Some reports say the amount is uncapped, and will be overseen by the courts.

More than 120,000 individuals and businesses had filed suits, consolidated in federal court, against the oil company for the damages caused by the 2010 oil spill that killed 11 people and spewed 200-plus million gallons of oil into the Gulf of Mexico.

Read the full AP story here, and check out an analysis of the settlement at Time.com.

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For the perspective from New Orleans, read this piece in the Times-Picayune.

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