BP Plc reaches deal with plaintiffs over Gulf of Mexico spill

BP PLC has reached a $7.8 billion agreement with plaintiffs suing over the massive 2010 Gulf of Mexico oil spill, according to a court order on Friday, but the company still faces claims by the US government and drilling partners.

BP said the cost of the proposed settlement would be around $7.8 billion, including a BP commitment of $2.3 billion to help resolve loss claims related to the Gulf seafood industry. It said the proposed settlment was not an admission of liability by the company.