BP To Pay Louisiana And Gulf Coast States $18.7 Billion For Deepwater Horizon Oil Spill In 2010

BP said they would make an announcement today, but no one knew until now what they were going to announce. Well, we know now. Louisiana, Florida, Alabama and Mississippi will receive a $18.7 billion settlement from a case that has been years in litigation.

The money will go to pay Clean Water Act penalties accrued by Gulf Coast states, as well as go towards settling natural resource damage claims, economic claims and local government damage claims.

From abc30.com -

"If approved by the court, this settlement would be the largest settlement with a single entity in American history; it would help repair the damage done to the Gulf economy, fisheries, wetlands and wildlife; and it would bring lasting benefits to the Gulf region for generations to come," U.S. Attorney General Loretta Lynch said in a statement."