SUMMARY
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Oil giant BP and the lawyers of over 100,000 victims of the 2010 Gulf of Mexico oil spill have reached a $7.8 billion out-of-court settlement for the damages the incident has caused.
This deal was sealed even before the trial was supposed to begin on Monday, March 5. It includes a $2.3 billion payment to people who have fallen sick and $105 million for healthcare in the coastal region.
It does not include other cases filed against the oil company seeking civil penalties and damages that could run into the tens of billions of dollars.
These settlement deals are usually templates for the handling of other oil spill incidents. The Philippines has had experiences of oil spill disasters that were mostly due to bad weather or weak regulation.
Read more from the special coverage of FT.com
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