BP in talks for $14bn Gulf oil spill settlement

BP and plaintiffs suing over the 2010 Gulf of Mexico oil spill are in talks for a $14 billion settlement funded by monies originally set aside by the company for out-of-court settlements, Bloomberg News reported Monday, citing three people familiar with the negotiations.

BP would shut its $20 billion Gulf Coast Claims Facility (GCCF) and move the remaining $14 billion to plaintiffs who filed claims contending the spill harmed their businesses and properties, the people said.

The GCCF, set up in August 2010, has paid out about $6 billion so far, according to its website.

The deal with the plaintiffs wouldn't cover potential pollution fines.

The full Bloomberg story can be read by clicking here.

Dow Jones Newswires

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