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British Petroleum agrees to pay $7.8bn as damages for 2010 Gulf of Mexico oil spill

London, Thu, 19 Apr 2012 ANI

London, Apr 19 (ANI): British Petroleum (BP) reached a cost settlement of 7.8 billion dollars for over 100,000 private plaintiffs to resolve claims for economic, property and medical damages resulting from the 2010 Gulf of Mexico oil spill.

BP has also requested for a 'lengthy delay' from a US judge, before holding the next trial over the remaining claims which are yet to be settled, The Telegraph reports.

The oil company is seeking the delay because BP and the complainant's lawyers have "markedly different opinions" regarding the strength of their cases, and neither confidently expects "a complete victory".

"This settlement provides the framework for us to continue delivering on that promise, offering those affected full and fair compensation, without waiting for the outcome of a lengthy trial process," BP's Chief Executive, Bob Dudley, was quoted as saying.

The 7.8billion payout from BP would be one of the biggest class-action settlements in US history. (ANI)

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