Federal Judge Reviewing BP Settlement

Nov 9, 2012

A federal judge in New Orleans is considering a proposed class-action settlement with BP over its oil spill in the Gulf of Mexico. BP says it will pay close to $8 billion, but it could be higher.

The federal judge heard arguments from the oil company and attorneys for some individuals and businesses affected by the 2010 spill. Some have opted out of the deal. But the head of the claims office established by the White House says 95 percent have been accepted.

The settlement does not include claims brought by the federal government and Gulf states over environmental damage. The judge says he expects to rule in the next few days on whether the settlement is fair and reasonable.