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BP Settlement: Federal Judge Gives Final Approval

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BARATARIA BAY, LA - APRIL 13: A sand berm built to capture oil from the BP spill is seen in Barataria Bay April 13, 2011 in Barataria Bay, Louisiana. (Photo by Mario Tama/Getty Images) | Getty File

NEW ORLEANS — A federal judge has given final approval to BP PLC's settlement with businesses and individuals who lost money because of the 2010 Gulf of Mexico oil spill.

BP estimates it will pay $7.8 billion to resolve more than 100,000 claims by businesses and individuals.

U.S. District Judge Carl Barbier approved the settlement in a 125-page ruling Friday.

He wrote that the settlement is fair, reasonable and adequate – and no objection has proved otherwise.

Barbier has not ruled on a medical settlement for cleanup workers and others who say exposure to oil or dispersants made them sick – just on economic and property damage settlements.

The settlement covers people and businesses in Louisiana, Mississippi, Alabama and some coastal counties in eastern Texas and western Florida.

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