NEW YORK (

TheStreet

) --

BP

(BP) - Get Report

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

>To contact the writer of this article, click here:

Joseph Woelfel

>To submit a news tip, send an email to:

tips@thestreet.com

.