BP reaches deal with Macondo plaintiffs

Settle down: BP, plaintiffs say agreement reached

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By Staff and news wires

 03 March 2012 05:05 GMT

BP has reached an agreement with counsel for plaintiffs suing over the massive 2010 Gulf of Mexico oil spill, according to a court order on Friday, but the company still faces claims by the US government and drilling partners.

US District Judge Carl Barbier, who is overseeing the litigation, said in the order that the proposed terms of a class settlement would be submitted to the court for approval, Reuters reported late Friday evening.

He also adjourned the first phase of the trial over the spill, which was scheduled to begin on 5 March.

Barbier had previously delayed the start of the trial to allow a group called the Plaintiffs' Steering Committee to continue to negotiate a settlement with BP.

The estimated $7.8 billion settlement, according to BP, purports to resolve the “substantial…

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