BP settlement gains preliminary approval
POSTED: Thursday, May 3, 2012 - 9:30am
UPDATED: Thursday, May 3, 2012 - 9:34am
NBC NATIONAL NEWS — A federal judge has granted preliminary approval to a class-action settlement agreement involving billions of dollars in damages arising from the 2010 oil spill.
That means the settlement can proceed, but a fairness hearing will be held before the judge gives final approval.
The deal between BP and a team of spill victims’ attorneys will supposedly resolve over a hundred thousand claims by people and businesses who say they lost money due to the spill.
BP estimates it will pay out nearly $8 billion as part of the settlement, but the number could increase.