A FEDERAL judge has given final approval to BP's settlement with businesses and individuals who lost money because of the 2010 oil spill in the Gulf of Mexico.
BP PLC has estimated it will pay $US7.8 billion ($A7.47 billion) to resolve economic and medical claims from more than 100,000 businesses and individuals hurt by the nation's worst offshore oil spill. The settlement has no cap; the company could end up paying more or less.
US District Judge Carl Barbier, who gave his preliminary approval in May, made it final on Friday in a 125-page ruling released Friday evening.
"None of the objections, whether filed on the objections docket or elsewhere, have shown the settlement to be anything other than fair, reasonable, and adequate," he wrote.
BP and lawyers for the plaintiffs said they were pleased.
"We believe the settlement, which avoids years of lengthy litigation, is good for the people, businesses and communities of the Gulf and is in the best interests of BP's stakeholders," company spokesman Scott Dean said in a statement emailed to The Associated Press. "Today's decision by the Court is another important step forward for BP in meeting its commitment to economic and environmental restoration efforts in the Gulf and in eliminating legal risk facing the company."
A statement from plaintiffs' lawyers Steve Herman and Jim Roy praised the settlement program's administrator, Pat Juneau.
"This settlement has - and will continue to - bring the people and businesses of the Gulf the relief they deserve," the lawyers wrote.
The April 2010 blowout of BP's Macondo well triggered an explosion that killed 11 rig workers and spilled more than 757 million litres of oil into the Gulf, closing much of it for months to commercial and recreational fishing and shrimping.
There is still a lot of litigation left, including a trial to identify the causes of BP's blowout and assign percentages of fault to the companies involved, Barbier wrote. That trial is scheduled next year.
Still unresolved are environmental damage claims brought by the federal government and Gulf Coast states against BP and its partners on the Deepwater Horizon drilling rig, and claims against Switzerland-based rig owner Transocean Ltd. and Houston-based cement contractor Halliburton.
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