The United States is seeking final approval of a $20-billion settlement in regard to the 2010 BP plc (ADR) (BP) Gulf oil spill.
The settlement is awaiting approval from a New Orleans judge. $5.5 billion from the settlement is related to fines for breaking the Clean Water Act. The rest is for cleanup efforts and other claims. If approved, it will be the largest environmental claim in U.S. history.
The agreement will allow BP to pay the $20 billion over a period of 16 years. The Department of Justice (DOJ) said that it’s confident the settlement will be approved. The spill resulted in 11 death and 138 million gallons of oil being released into the Gulf of Mexico, reports the Associated Press.
“With today’s action we take another step towards restoring the Gulf to its condition before the Deepwater spill – by bringing an unprecedented amount of resources that will be dedicating to this iconic ecosystem – and achieving justice for the American people,” the DOJ told USA Today.
BP shares were down 2% as of Wednesday afternoon.
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