BP Reportedly Mulls $14B Oil Spill Settlement

NEW YORK (TheStreet) -- BP(BP) and plaintiffs suing the oil giant over the April 2010 Gulf of Mexico oil spill are discussing a $14 billion settlement that would be funded with money originally set aside by BP for out-of-court settlements, Bloomberg reported Monday.

• BP would agree to close down its $20 billion Gulf Coast Claims Facility and shift the remaining $14 billion to plaintiffs who say the spill harmed their businesses and properties, Bloomberg said;
• BP's federal trial over the Gulf of Mexico oil spill has been delayed for one week to allow more time for settlement talks;
• The delay was "for reasons of judicial efficiency and to allow the parties to make further progress in their settlement discussions," said U.S. District Judge Carl Barbier on Sunday;
• The discussions between the plaintiffs and BP are nearing completion, people close to the situation told Bloomberg.

-- Written by Joseph Woelfel

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