BP reaches compensation deal in Gulf of Mexico spill case

BP reaches compensation deal in Gulf of Mexico spill case Global oil major, BP PLC is appeared to have reached a compensation deal estimated at about $7.8 billion in the 2010 Gulf of Mexico oil spill case with plaintiffs.

The company still faces other claims from the U. S. government, states around the Gulf and drilling partners involved. U. S. District Judge Carl Barbier has said in a ruling that the proposed terms of the class settlement will be submitted with the court for being approved.

Judge Barbier has adjourned the first phase of the trial that was scheduled to begin on March 5.. He had selayed the hearing to allow more time to a group called the Plaintiffs' Steering Committee (PSC) to discuss with the BP over matters relating to compensation.

Plaintiffs' Steering Committee represents fisherman and businesses from the region, who say that their livelihoods were affected due to the spill in the gulf. The Spill was caused by plosion of the Deepwater Horizon drilling rig in April 2010.

Lawyers for the committee, Stephen Herman and James Roy have said that the compensation amounting to about $7.8 billion will compensate hundreds of thousands of victims of the accident that also affected the regions environment.

According to some reports by the U. S. Fish and Wildlife Service, about 3,000 birds were found visibly oiled and about 2,000 of those died during the spill.