BP Plc's $7.8 Billion Gulf Spill Pact Wins Initial Court OK, Settlement Not Include Disputes Between Transocean LTD. And Halliburton Company-Reuters

Reuters reported that BP plc won preliminary court approval of an estimated $7.8 billion settlement to resolve more than 100,000 claims by individuals and businesses stemming from the 2010 Gulf of Mexico oil spill. The accord comprises two agreements, including one that covers economic and property claims and one covering medical claims. In separate rulings on Wednesday, U.S. District Judge Carl Barbier in New Orleans said the agreements reached on March 2 were 'fair, reasonable, and adequate', had 'no obvious deficiencies' and were reached without collusion. He set a November 8 fairness hearing to address objections, and will then consider whether to grant final approval. The settlement does not cover claims by the U.S. government or Gulf Coast states, which could amount to $10 billion, or resolve disputes between BP and its drilling partners Transocean LTD. and Halliburton Company.