Gulf states reach $18.7 billion settlement with BP over oil spill

NEW ORLEANS — BP and five Gulf Coast states announced a record $18.7 billion settlement Thursday that resolves years of legal fighting over the environmental and economic damage done by the energy giant’s oil spill in 2010.

The settlement, if accepted by a federal judge, would end a years-long battle between BP and the U.S. government over Clean Water Act penalties after a judge ruled the company was grossly negligent in the nearly 134 million gallon spill.

“If approved by the court, this settlement would be the largest settlement with a single entity in American history; it would help repair the damage done to the gulf economy, fisheries, wetlands and wildlife; and it would bring lasting benefits to the gulf region for generations to come,” U.S. Attorney General Loretta Lynch said in a statement.

Governors and attorneys general from four of the five states to receive money from the settlement announced it during simultaneous news conferences Thursday morning just as the court filings were made public.