Bloomberg News

BP Agrees to Pay $7.8 Billion in Oil Spill Settlement

March 05, 2012

BP Plc (BP/) has agreed to pay an estimated $7.8 billion to resolve private plaintiffs' claims for economic loss, property damage and injuries related to the 2010 Gulf of Mexico oil spill. The settlement, to be paid from a $20 billion trust for spill victims, doesn't resolve federal and state government environmental damage claims. BP has set aside $37 billion to cover spill costs.

Olivia Sterns reports on Bloomberg Television's "Countdown" with Owen Thomas. (Source: Bloomberg)

Running Time: 01:55

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