Judge confirms BP settlement

Dec. 22, 2012 at 12:59 PM

NEW ORLEANS, Dec. 22 (UPI) -- A federal judge in New Orleans confirmed the class-action settlement reached with BP after the Gulf of Mexico oil spill would stand.

The settlement sets out terms of the payouts for businesses and individuals hurt by the 2010 oil spill that spewed 59,200 barrels of oil per day into the sea, CNN reported Saturday.

BP has estimated the settlement would cost $7.8 million. It will come out of a $20 billion trust fund set up to cover damages.

The ruling by U.S. District Judge Carl Barbier confirmed a ruling he made in May. In the recent ruling, Barbier dismissed criticisms of his earlier decision.

"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," Barbier said in a 125-page ruling.

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