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BP settlement gains preliminary approval

BP settlement gains preliminary approval

POSTED: Thursday, May 3, 2012 - 9:30am

UPDATED: Thursday, May 3, 2012 - 9:34am

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.

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