Judge grants preliminary approval in BP settlement

POSTED: Wednesday, May 2, 2012 - 10:00pm

UPDATED: Wednesday, May 2, 2012 - 10:04pm

NBC33 Crisis on the Coast update: A federal judge has granted preliminary approval to B.P. class-action settlement agreement involving billions of dollars in damages.

That means the settlement can proceed, but a "fairness hearing" will be held before the judge gives final approval.

The deal between B.P. 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 2010 spill.

B.P. estimates it will pay out nearly eight billion dollars as part of the settlement, but the number could increase.

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